First Interstate BancSystem (NASDAQ:FIBK) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) issued its earnings results on Wednesday. The financial services provider reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of $0.49 by $0.01, Zacks reports. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%.

First Interstate BancSystem Trading Down 1.1 %

Shares of NASDAQ:FIBK traded down $0.38 during trading on Wednesday, reaching $32.86. The stock had a trading volume of 515,212 shares, compared to its average volume of 603,351. First Interstate BancSystem has a 52 week low of $24.16 and a 52 week high of $36.77. The firm's fifty day moving average is $33.15 and its 200 day moving average is $31.57. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of 14.41 and a beta of 0.85. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78.

Insider Buying and Selling

In other news, major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $34.50, for a total value of $209,311.50. Following the completion of the sale, the insider now owns 75,387 shares in the company, valued at $2,600,851.50. The trade was a 7.45 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Julie A. Scott sold 20,220 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $32.78, for a total transaction of $662,811.60. Following the transaction, the insider now directly owns 635,069 shares in the company, valued at approximately $20,817,561.82. This represents a 3.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,837 shares of company stock valued at $1,839,583 over the last quarter. Insiders own 6.90% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Piper Sandler cut their price objective on First Interstate BancSystem from $38.00 to $36.00 and set an "overweight" rating on the stock in a report on Monday, October 28th. Barclays increased their target price on First Interstate BancSystem from $30.00 to $31.00 and gave the company an "underweight" rating in a research report on Thursday, December 5th. Wells Fargo & Company reduced their price target on First Interstate BancSystem from $30.00 to $29.00 and set an "underweight" rating on the stock in a report on Monday, January 6th. DA Davidson upgraded shares of First Interstate BancSystem from a "neutral" rating to a "buy" rating and raised their price objective for the company from $32.00 to $42.00 in a report on Tuesday, November 26th. Finally, StockNews.com lowered shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Tuesday, December 24th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, First Interstate BancSystem presently has an average rating of "Hold" and a consensus price target of $35.00.

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.

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