First Interstate BancSystem (NASDAQ:FIBK) Issues Earnings Results, Beats Expectations By $0.01 EPS

First Interstate BancSystem (NASDAQ:FIBK) released its quarterly earnings results on Wednesday. The financial services provider reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.01, Zacks reports. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%.

First Interstate BancSystem Stock Down 1.1 %

Shares of NASDAQ:FIBK opened at $32.86 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The stock has a fifty day simple moving average of $33.15 and a two-hundred day simple moving average of $31.57. First Interstate BancSystem has a 12-month low of $24.16 and a 12-month high of $36.77. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of 14.41 and a beta of 0.85.

Wall Street Analysts Forecast Growth

FIBK has been the topic of a number of research reports. DA Davidson raised shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and lifted their target price for the company from $32.00 to $42.00 in a research note on Tuesday, November 26th. StockNews.com cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Tuesday, December 24th. Piper Sandler decreased their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Wells Fargo & Company dropped their price target on First Interstate BancSystem from $30.00 to $29.00 and set an “underweight” rating on the stock in a research report on Monday, January 6th. Finally, UBS Group started coverage on First Interstate BancSystem in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 price target on the stock. Three analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, First Interstate BancSystem currently has a consensus rating of “Hold” and an average price target of $35.00.

Insider Transactions at First Interstate BancSystem

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total transaction of $209,311.50. Following the sale, the insider now owns 75,387 shares in the company, valued at $2,600,851.50. This represents a 7.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jonathan R. Scott sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $34.18, for a total transaction of $222,170.00. Following the completion of the transaction, the director now owns 958,710 shares of the company’s stock, valued at approximately $32,768,707.80. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,837 shares of company stock valued at $1,839,583. Insiders own 6.90% of the company’s stock.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.