DA Davidson Weighs in on First Interstate BancSystem, Inc.’s Q2 2024 Earnings (NASDAQ:FIBK)

First Interstate BancSystem, Inc. (NASDAQ:FIBK) – Analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for shares of First Interstate BancSystem in a research note issued on Monday, April 29th. DA Davidson analyst J. Rulis expects that the financial services provider will post earnings of $0.56 per share for the quarter. The consensus estimate for First Interstate BancSystem’s current full-year earnings is $2.17 per share. DA Davidson also issued estimates for First Interstate BancSystem’s FY2025 earnings at $2.60 EPS.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.04. The firm had revenue of $252.30 million during the quarter, compared to analysts’ expectations of $254.50 million. First Interstate BancSystem had a return on equity of 8.55% and a net margin of 18.04%.

FIBK has been the subject of several other research reports. Wells Fargo & Company upped their target price on shares of First Interstate BancSystem from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Piper Sandler increased their price target on shares of First Interstate BancSystem from $32.00 to $37.00 and gave the stock an “overweight” rating in a report on Monday. Barclays upped their price objective on First Interstate BancSystem from $28.00 to $29.00 and gave the stock an “equal weight” rating in a report on Friday. Stephens restated an “overweight” rating and set a $32.00 target price on shares of First Interstate BancSystem in a research report on Thursday, April 25th. Finally, Keefe, Bruyette & Woods upped their target price on shares of First Interstate BancSystem from $28.00 to $29.00 and gave the stock a “market perform” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, First Interstate BancSystem has a consensus rating of “Hold” and a consensus price target of $30.20.

First Interstate BancSystem Stock Performance

Shares of First Interstate BancSystem stock opened at $27.09 on Tuesday. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.89. First Interstate BancSystem has a 52 week low of $20.81 and a 52 week high of $32.54. The firm’s 50 day moving average is $26.11 and its two-hundred day moving average is $26.73. The firm has a market capitalization of $2.82 billion, a P/E ratio of 10.79 and a beta of 0.87.

Institutional Investors Weigh In On First Interstate BancSystem

Several institutional investors and hedge funds have recently added to or reduced their stakes in FIBK. Caprock Group LLC increased its position in First Interstate BancSystem by 1.8% during the 1st quarter. Caprock Group LLC now owns 25,251 shares of the financial services provider’s stock worth $687,000 after purchasing an additional 437 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of First Interstate BancSystem by 132.8% in the fourth quarter. Global Retirement Partners LLC now owns 929 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 530 shares in the last quarter. Signaturefd LLC raised its stake in shares of First Interstate BancSystem by 22.0% in the 3rd quarter. Signaturefd LLC now owns 3,886 shares of the financial services provider’s stock valued at $97,000 after acquiring an additional 700 shares during the period. CWM LLC lifted its holdings in shares of First Interstate BancSystem by 42.1% during the 4th quarter. CWM LLC now owns 2,368 shares of the financial services provider’s stock valued at $73,000 after acquiring an additional 702 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in First Interstate BancSystem by 28.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 744 shares during the period. 88.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at First Interstate BancSystem

In other First Interstate BancSystem news, EVP Kristina Robbins sold 2,710 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $25.83, for a total transaction of $69,999.30. Following the transaction, the executive vice president now owns 9,047 shares of the company’s stock, valued at approximately $233,684.01. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other First Interstate BancSystem news, EVP Karlyn M. Knieriem sold 2,900 shares of First Interstate BancSystem stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $26.76, for a total value of $77,604.00. Following the transaction, the executive vice president now owns 20,599 shares in the company, valued at approximately $551,229.24. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kristina Robbins sold 2,710 shares of First Interstate BancSystem stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total value of $69,999.30. Following the completion of the transaction, the executive vice president now owns 9,047 shares in the company, valued at approximately $233,684.01. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,531 shares of company stock valued at $197,645. Company insiders own 6.90% of the company’s stock.

First Interstate BancSystem Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Monday, May 6th will be paid a dividend of $0.47 per share. The ex-dividend date is Friday, May 3rd. This represents a $1.88 annualized dividend and a dividend yield of 6.94%. First Interstate BancSystem’s dividend payout ratio is currently 74.90%.

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.