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

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report)'s share price gapped down prior to trading on Friday following a dissappointing 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 traded.

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 period last year, the business posted $0.70 EPS.

Analyst Upgrades and Downgrades

FIBK has been the subject of a number of recent research reports. Piper Sandler reiterated an "overweight" rating and issued a $38.00 target price on shares of First Interstate BancSystem in a report on Monday, August 26th. Stephens reiterated an "overweight" rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a research note on Thursday, October 10th. DA Davidson upped their target price on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a "neutral" rating in a research note on Monday, July 29th. StockNews.com cut shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Thursday, October 3rd. Finally, Wells Fargo & Company cut shares of First Interstate BancSystem from an "equal weight" rating to an "underweight" rating and lowered their price target for the stock from $30.00 to $28.00 in a report on Tuesday, October 1st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $33.17.

Institutional Trading of First Interstate BancSystem

Several institutional investors have recently modified their holdings of FIBK. Vanguard Group Inc. raised its stake in First Interstate BancSystem by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 9,180,595 shares of the financial services provider's stock worth $282,303,000 after acquiring an additional 533,293 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings 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 purchasing an additional 367,212 shares during the last quarter. Hantz Financial Services Inc. acquired a new stake in shares of First Interstate BancSystem in the 2nd quarter valued at about $3,003,000. Jennison Associates LLC grew its stake in First Interstate BancSystem by 9.6% during the 1st 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 last quarter. Finally, Edgestream Partners L.P. purchased a new position in First Interstate BancSystem during the 1st quarter worth approximately $1,597,000. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Stock Performance

The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.92. The firm has a 50-day simple moving average of $30.46 and a 200 day simple moving average of $28.61. The company has a market cap of $3.24 billion, a price-to-earnings ratio of 12.33 and a beta of 0.81.

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.