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) – Research analysts at DA Davidson raised their Q3 2024 earnings per share estimates for shares of First Interstate BancSystem in a research 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 previous estimate of $0.60. DA Davidson 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 FY2024 earnings at $2.36 EPS.

Several other equities analysts have also recently weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a report on Monday, July 29th. Wells Fargo & Company cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $30.00 to $28.00 in a report on Tuesday, October 1st. Barclays lifted their price objective on First Interstate BancSystem from $31.00 to $32.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. Piper Sandler reaffirmed an “overweight” rating and issued a $38.00 price objective on shares of First Interstate BancSystem in a report on Monday, August 26th. Finally, Stephens lifted their price objective on First Interstate BancSystem from $32.00 to $36.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Two 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. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $33.17.

First Interstate BancSystem Stock Performance

NASDAQ:FIBK opened at $29.84 on Friday. The stock has a market cap of $3.12 billion, a P/E ratio of 11.89 and a beta of 0.81. The stock has a 50 day simple moving average of $29.83 and a 200 day simple moving average of $28.13. 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 1-year low of $20.81 and a 1-year high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.03. The business had revenue of $244.30 million during the quarter, compared to analysts’ expectations 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 period last year, the firm posted $0.66 EPS.

Hedge Funds Weigh In On First Interstate BancSystem

Several hedge funds and other institutional investors have recently modified their holdings of FIBK. Parallel Advisors LLC increased its stake in shares of First Interstate BancSystem by 205.3% in the 4th quarter. Parallel Advisors LLC now owns 1,273 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 856 shares during the last quarter. Rafferty Asset Management LLC grew its position in First Interstate BancSystem by 27.7% during the 4th quarter. Rafferty Asset Management LLC now owns 146,191 shares of the financial services provider’s stock worth $4,495,000 after acquiring an additional 31,710 shares during the last quarter. Cladis Investment Advisory LLC grew its position in First Interstate BancSystem by 1.8% during the 4th quarter. Cladis Investment Advisory LLC now owns 99,373 shares of the financial services provider’s stock worth $3,056,000 after acquiring an additional 1,728 shares during the last quarter. Sierra Summit Advisors LLC bought a new stake in First Interstate BancSystem during the 4th quarter worth $266,000. Finally, Wellington Management Group LLP grew its position in First Interstate BancSystem by 5.0% during the 4th quarter. Wellington Management Group LLP now owns 2,970,727 shares of the financial services provider’s stock worth $91,350,000 after acquiring an additional 142,069 shares during the last quarter. Institutional investors own 88.71% of the company’s stock.

First Interstate BancSystem Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.88 annualized dividend and a dividend yield of 6.30%. First Interstate BancSystem’s 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.