First Interstate BancSystem (NASDAQ:FIBK) Shares Gap Down on Disappointing Earnings

First Interstate BancSystem, Inc. (NASDAQ:FIBK)’s stock price gapped down before the market opened on Friday following a weaker than expected 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 trading 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 in the previous year, the company posted $0.70 earnings per share.

First Interstate BancSystem Announces Dividend

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

Analyst Upgrades and Downgrades

FIBK has been the subject of a number of recent analyst reports. Wells Fargo & Company downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $30.00 to $28.00 in a report on Tuesday, October 1st. Piper Sandler restated an “overweight” rating and set a $38.00 target price on shares of First Interstate BancSystem in a research note on Monday, August 26th. Keefe, Bruyette & Woods increased their price target on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. Barclays raised their price objective on shares of First Interstate BancSystem from $31.00 to $32.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Finally, DA Davidson upped their target price on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $33.17.

Hedge Funds Weigh In On First Interstate BancSystem

A number of hedge funds have recently modified their holdings of FIBK. CWM LLC boosted its stake 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 worth $87,000 after purchasing an additional 430 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of First Interstate BancSystem by 28.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,378 shares of the financial services provider’s stock worth $104,000 after buying an additional 744 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of First Interstate BancSystem during the second quarter worth about $106,000. nVerses Capital LLC increased its position 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 acquiring an additional 3,300 shares during the period. Finally, Telos Capital Management Inc. purchased a new stake in First Interstate BancSystem during the 3rd quarter valued at approximately $201,000. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

First Interstate BancSystem Stock Down 3.3 %

The business has a 50-day simple moving average of $30.46 and a two-hundred day simple moving average of $28.62. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 12.68 and a beta of 0.81. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.79 and a current ratio of 0.79.

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.