What is DA Davidson’s Forecast for FIBK FY2024 Earnings?

First Interstate BancSystem, Inc. (NASDAQ:FIBK) – Research analysts at DA Davidson dropped their FY2024 earnings estimates for shares of First Interstate BancSystem in a research note issued to investors on Monday, October 28th. DA Davidson analyst J. Rulis now forecasts that the financial services provider will earn $2.30 per share for the year, down from their previous estimate of $2.36. DA Davidson has a “Neutral” rating and a $34.00 price target on the stock. The consensus estimate for First Interstate BancSystem’s current full-year earnings is $2.34 per share. DA Davidson also issued estimates for First Interstate BancSystem’s FY2025 earnings at $2.50 EPS.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing the consensus estimate 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 company posted $0.70 earnings per share.

Other equities analysts also recently issued research reports about the stock. Stephens reiterated an “overweight” rating and issued a $36.00 price target on shares of First Interstate BancSystem in a report on Thursday, October 10th. Keefe, Bruyette & Woods upped their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. Piper Sandler lowered their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research report on Monday. Wells Fargo & Company lowered First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $30.00 to $28.00 in a research report on Tuesday, October 1st. Finally, Barclays upped their price objective on First Interstate BancSystem from $31.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Friday, September 27th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $32.83.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $31.61 on Wednesday. First Interstate BancSystem has a twelve month low of $22.74 and a twelve month high of $33.00. The company’s 50 day moving average is $30.55 and its 200 day moving average is $28.74. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.92. The company has a market cap of $3.31 billion, a PE ratio of 12.59 and a beta of 0.81.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. CWM LLC lifted its position in shares of 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 buying an additional 430 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in First Interstate BancSystem by 28.2% in the 4th 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 purchased a new position in First Interstate BancSystem in the 2nd quarter valued at $106,000. nVerses Capital LLC lifted its holdings in First Interstate BancSystem by 412.5% in the 2nd quarter. nVerses Capital LLC now owns 4,100 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Telos Capital Management Inc. purchased a new position in First Interstate BancSystem in the 3rd quarter valued at $201,000. Hedge funds and other institutional investors own 88.71% of the company’s stock.

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 given a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.95%. First Interstate BancSystem’s dividend payout ratio (DPR) is 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.