First Interstate BancSystem, Inc. (NASDAQ:FIBK) to Post Q3 2024 Earnings of $0.61 Per Share, DA Davidson Forecasts

First Interstate BancSystem, Inc. (NASDAQ:FIBK) – Investment analysts at DA Davidson upped their Q3 2024 earnings per share estimates for First Interstate BancSystem in a note issued to investors on Thursday, October 3rd. DA Davidson analyst J. Rulis now anticipates that the financial services provider will post earnings per share of $0.61 for the quarter, up from their prior forecast of $0.60. 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 FY2024 earnings at $2.36 EPS.

A number of other research analysts also recently issued reports on FIBK. Wells Fargo & Company downgraded First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $30.00 to $28.00 in a report on Tuesday, October 1st. Keefe, Bruyette & Woods increased their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. StockNews.com downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Thursday. Barclays increased their price objective on 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, Piper Sandler restated an “overweight” rating and issued a $38.00 price target on shares of First Interstate BancSystem in a research note on Monday, August 26th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, First Interstate BancSystem has a consensus rating of “Hold” and a consensus target price of $33.17.

First Interstate BancSystem Stock Up 1.0 %

NASDAQ:FIBK opened at $29.84 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $3.12 billion, a PE ratio of 11.89 and a beta of 0.81. First Interstate BancSystem has a 52-week low of $20.81 and a 52-week high of $33.00. The stock has a 50-day simple moving average of $29.83 and a 200 day simple moving average of $28.13.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. The company had revenue of $244.30 million for the quarter, compared to analyst estimates of $246.07 million. First Interstate BancSystem had a return on equity of 8.19% and a net margin of 17.22%. During the same quarter last year, the firm posted $0.66 earnings per share.

Institutional Trading of First Interstate BancSystem

Hedge funds have recently made changes to their positions in the business. Rafferty Asset Management LLC lifted its position in shares of First Interstate BancSystem by 27.7% in the fourth quarter. Rafferty Asset Management LLC now owns 146,191 shares of the financial services provider’s stock valued at $4,495,000 after buying an additional 31,710 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of First Interstate BancSystem by 235.6% in the first quarter. BNP Paribas Financial Markets now owns 78,311 shares of the financial services provider’s stock valued at $2,131,000 after buying an additional 54,973 shares during the last quarter. Jennison Associates LLC lifted its position in shares of First Interstate BancSystem by 9.6% in the first quarter. Jennison Associates LLC now owns 850,767 shares of the financial services provider’s stock valued at $23,149,000 after buying an additional 74,434 shares during the last quarter. Sciencast Management LP acquired a new stake in shares of First Interstate BancSystem in the first quarter valued at approximately $705,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of First Interstate BancSystem by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,580,800 shares of the financial services provider’s stock valued at $127,204,000 after buying an additional 367,212 shares during the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

First Interstate BancSystem Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were paid a $0.47 dividend. The ex-dividend date was Monday, August 5th. This represents a $1.88 dividend on an annualized basis and a yield of 6.30%. First Interstate BancSystem’s dividend payout ratio is 74.90%.

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.