DA Davidson Has Bearish Estimate for FIBK FY2024 Earnings

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) - Stock analysts at DA Davidson lowered their FY2024 earnings per share (EPS) estimates for First Interstate BancSystem in a research note issued to investors on Monday, October 28th. DA Davidson analyst J. Rulis now anticipates that the financial services provider will post earnings of $2.30 per share for the year, down from their prior estimate of $2.36. DA Davidson currently 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.

FIBK has been the subject of a number of other research reports. Piper Sandler lowered their price target on First Interstate BancSystem from $38.00 to $36.00 and set an "overweight" rating for the company in a report on Monday. Stephens reissued an "overweight" rating and issued a $36.00 price target on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Wells Fargo & Company lowered shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and decreased their price target for the company from $30.00 to $28.00 in a research report on Tuesday, October 1st. StockNews.com downgraded shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research note on Thursday, October 3rd. Finally, Keefe, Bruyette & Woods increased their price target on 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. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, First Interstate BancSystem currently has an average rating of "Hold" and an average target price of $32.83.

First Interstate BancSystem Trading Up 0.6 %

Shares of FIBK stock traded up $0.19 on Wednesday, reaching $31.61. 439,946 shares of the company's stock were exchanged, compared to its average volume of 677,775. The company's fifty day simple moving average is $30.55 and its 200 day simple moving average is $28.74. The stock has a market capitalization of $3.31 billion, a PE ratio of 12.52 and a beta of 0.81. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.92. First Interstate BancSystem has a 52 week low of $22.74 and a 52 week high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.54 earnings per share (EPS) 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 in the prior year, the business posted $0.70 earnings per share.

First Interstate BancSystem Announces Dividend

The company also recently declared 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 yield of 5.95%. First Interstate BancSystem's dividend payout ratio is presently 74.90%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in shares of First Interstate BancSystem by 8.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider's stock valued at $127,204,000 after acquiring an additional 367,212 shares during the period. Hantz Financial Services Inc. bought a new stake in First Interstate BancSystem in the 2nd quarter valued at about $3,003,000. Jennison Associates LLC boosted its position in shares of First Interstate BancSystem by 9.6% during the first quarter. Jennison Associates LLC now owns 850,767 shares of the financial services provider's stock worth $23,149,000 after buying an additional 74,434 shares during the period. Edgestream Partners L.P. bought a new position in First Interstate BancSystem in the 1st quarter worth approximately $1,597,000. Finally, BNP Paribas Financial Markets raised its stake in First Interstate BancSystem by 235.6% during the 1st quarter. BNP Paribas Financial Markets now owns 78,311 shares of the financial services provider's stock valued at $2,131,000 after acquiring an additional 54,973 shares in the last quarter. Hedge funds and other institutional investors own 88.71% of the company's stock.

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.