First Interstate BancSystem (NASDAQ:FIBK) Shares Gap Down Following Weak Earnings

First Interstate BancSystem, Inc. (NASDAQ:FIBK)’s stock price gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $32.01, but opened at $30.73. First Interstate BancSystem shares last traded at $30.66, with a volume of 41,082 shares changing hands.

The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. During the same quarter last year, the business earned $0.70 EPS.

First Interstate BancSystem Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.07%. The ex-dividend date of this dividend is Monday, November 4th. First Interstate BancSystem’s dividend payout ratio (DPR) is 77.05%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. StockNews.com lowered First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. DA Davidson upped their price target on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Barclays increased their price target on shares of First Interstate BancSystem from $31.00 to $32.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. Stephens reissued an “overweight” rating and set a $36.00 price objective on shares of First Interstate BancSystem in a report on Thursday, October 10th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $38.00 target price on shares of First Interstate BancSystem in a report on Monday, August 26th. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, First Interstate BancSystem has an average rating of “Hold” and a consensus target price of $33.17.

Institutional Investors Weigh In On First Interstate BancSystem

Several institutional investors and hedge funds have recently made changes to their positions in FIBK. CWM LLC increased its holdings in First Interstate BancSystem by 16.0% during the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider’s stock valued at $87,000 after acquiring an additional 430 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of First Interstate BancSystem by 28.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 744 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of First Interstate BancSystem in the second quarter valued at approximately $106,000. nVerses Capital LLC increased its stake in shares of First Interstate BancSystem by 412.5% during the 2nd quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Telos Capital Management Inc. acquired a new position in shares of First Interstate BancSystem during the 3rd quarter worth approximately $201,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

First Interstate BancSystem Trading Down 3.3 %

The business has a 50 day moving average of $30.46 and a 200-day moving average of $28.62. The stock has a market cap of $3.24 billion, a PE ratio of 12.68 and a beta of 0.81. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.92.

About First Interstate BancSystem

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.