First Interstate BancSystem (NASDAQ:FIBK) Issues Earnings Results, Misses Estimates By $0.03 EPS

First Interstate BancSystem (NASDAQ:FIBK) issued its quarterly earnings data on Thursday. The financial services provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.03), Zacks reports. The company had revenue of $249.50 million for the quarter, compared to the consensus estimate of $247.93 million. First Interstate BancSystem had a net margin of 23.63% and a return on equity of 9.33%.

First Interstate BancSystem Trading Down 0.3%

Shares of NASDAQ:FIBK traded down $0.10 during trading on Friday, reaching $36.78. 1,585,633 shares of the company were exchanged, compared to its average volume of 1,135,949. First Interstate BancSystem has a 12-month low of $29.39 and a 12-month high of $40.60. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69. The business’s fifty day simple moving average is $36.50 and its 200-day simple moving average is $36.55. The firm has a market capitalization of $3.51 billion, a PE ratio of 11.46 and a beta of 0.73.

First Interstate BancSystem Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Tuesday, November 3rd will be issued a dividend of $0.47 per share. The ex-dividend date is Tuesday, November 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 5.1%. First Interstate BancSystem’s dividend payout ratio (DPR) is presently 57.85%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wells Fargo & Company reissued an “underweight” rating and set a $34.00 price target (down from $36.00) on shares of First Interstate BancSystem in a report on Monday, August 10th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Interstate BancSystem in a report on Monday, September 28th. Wall Street Zen cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Saturday. Barclays upped their price objective on First Interstate BancSystem from $37.00 to $38.00 and gave the company an “underweight” rating in a research report on Monday, October 5th. Finally, DA Davidson reissued a “neutral” rating and issued a $39.00 target price on shares of First Interstate BancSystem in a report on Monday, July 27th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $37.00.

Insider Activity

In related news, major shareholder Julie A. Scott sold 2,700 shares of First Interstate BancSystem stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $37.64, for a total value of $101,628.00. Following the completion of the sale, the insider directly owned 484,309 shares in the company, valued at $18,229,390.76. The trade was a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Jonathan Scott sold 5,000 shares of the company’s stock in a transaction dated Thursday, October 22nd. The stock was sold at an average price of $36.90, for a total transaction of $184,500.00. Following the completion of the sale, the insider directly owned 812,738 shares of the company’s stock, valued at approximately $29,990,032.20. This trade represents a 0.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 32,700 shares of company stock valued at $1,213,976 over the last 90 days. 8.00% of the stock is currently owned by corporate insiders.

Key Headlines Impacting First Interstate BancSystem

Here are the key news stories impacting First Interstate BancSystem this week:

• Positive Sentiment: First Interstate declared a quarterly dividend of $0.47 per share, equivalent to $1.88 annually and a yield of approximately 5.2%. The dividend supports the stock’s income appeal. First Interstate dividend information
• Positive Sentiment: Third-quarter revenue totaled $249.5 million, slightly exceeding analyst expectations of $247.93 million. Net interest margin also improved to 3.53%, a potentially encouraging sign for future earnings if sustained. First Interstate third-quarter earnings release
• Neutral Sentiment: Major shareholder Jonathan Scott sold 5,000 shares for approximately $184,500. The sale reduced his holdings by only 0.61%, leaving him with 812,738 shares, so the transaction is relatively small compared with his remaining stake. SEC insider ownership filing
• Negative Sentiment: FIBK reported third-quarter earnings of $0.65 per diluted share, missing consensus estimates, which ranged from roughly $0.70 to $0.92 depending on the data provider. Net income fell to $62.2 million from $71.4 million a year earlier, while earnings declined to $0.65 from $0.69 per share. First Interstate earnings flash
• Negative Sentiment: Investors remain concerned about weak core earnings growth, a contracting loan portfolio and a declining asset base. These trends suggest that improved margins have not yet translated into stronger overall operating performance relative to regional-bank peers. First Interstate Q3 analysis

About First Interstate BancSystem

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, agricultural customers and governmental entities.

First Interstate Bank offers deposit accounts, consumer and commercial loans, mortgage lending, credit cards, cash-management and treasury-management services, online and mobile banking, and wealth-management and investment services.