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

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Free Report) - Research analysts at DA Davidson lowered their FY2024 earnings estimates for shares of First Interstate BancSystem in a research report issued to clients and investors on Monday, October 28th. DA Davidson analyst J. Rulis now expects that the financial services provider will earn $2.30 per share for the year, down from their previous forecast of $2.36. DA Davidson currently has a "Neutral" rating and a $34.00 target price 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.

Other analysts have also issued reports about the stock. Barclays raised their price target on shares of 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. Piper Sandler decreased their price target on shares of First Interstate BancSystem from $38.00 to $36.00 and set an "overweight" rating on the stock in a research report on Monday. StockNews.com lowered shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Thursday, October 3rd. Wells Fargo & Company downgraded shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and reduced their price objective for the stock from $30.00 to $28.00 in a report on Tuesday, October 1st. Finally, Keefe, Bruyette & Woods raised their price objective on shares of First Interstate BancSystem from $29.00 to $31.00 and gave the stock a "market perform" rating in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $32.83.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK traded up $0.52 during midday trading on Wednesday, reaching $31.94. The stock had a trading volume of 88,674 shares, compared to its average volume of 676,103. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $3.34 billion, a P/E ratio of 12.52 and a beta of 0.81. The firm's fifty day simple moving average is $30.55 and its 200-day simple moving average is $28.74. First Interstate BancSystem has a 1-year low of $22.74 and a 1-year high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its earnings results on Thursday, October 24th. 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 net margin of 17.22% and a return on equity of 8.19%. During the same quarter last year, the business earned $0.70 earnings per share.

Institutional Investors Weigh In On First Interstate BancSystem

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TNF LLC increased its position in First Interstate BancSystem by 1.5% in the 3rd quarter. TNF LLC now owns 25,376 shares of the financial services provider's stock valued at $812,000 after acquiring an additional 367 shares in the last quarter. Caprock Group LLC increased its position in First Interstate BancSystem by 1.7% in the 2nd quarter. Caprock Group LLC now owns 25,673 shares of the financial services provider's stock valued at $713,000 after acquiring an additional 422 shares in the last quarter. CWM LLC increased its position in First Interstate BancSystem by 16.0% in the 2nd quarter. CWM LLC now owns 3,123 shares of the financial services provider's stock valued at $87,000 after acquiring an additional 430 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its position in First Interstate BancSystem by 5.3% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 10,136 shares of the financial services provider's stock valued at $311,000 after acquiring an additional 507 shares in the last quarter. Finally, Inspire Investing LLC increased its position in First Interstate BancSystem by 4.6% in the 1st quarter. Inspire Investing LLC now owns 13,057 shares of the financial services provider's stock valued at $355,000 after acquiring an additional 570 shares in the last quarter. Institutional investors and hedge funds own 88.71% of the company's stock.

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 issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.89%. The ex-dividend date of this dividend is Monday, November 4th. First Interstate BancSystem's dividend payout ratio is currently 74.90%.

First Interstate BancSystem Company Profile

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.