First Interstate BancSystem, Inc. (FIBK) Expected to Post Quarterly Sales of $135.02 Million
Equities analysts expect First Interstate BancSystem, Inc. (NASDAQ:FIBK) to announce sales of $135.02 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for First Interstate BancSystem’s earnings, with the lowest sales estimate coming in at $132.50 million and the highest estimate coming in at $137.93 million. First Interstate BancSystem posted sales of $102.45 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 31.8%. The business is expected to announce its next earnings report on Monday, October 23rd.
According to Zacks, analysts expect that First Interstate BancSystem will report full-year sales of $135.02 million for the current fiscal year, with estimates ranging from $474.90 million to $490.17 million. For the next fiscal year, analysts anticipate that the business will report sales of $556.38 million per share, with estimates ranging from $549.78 million to $564.75 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that follow First Interstate BancSystem.
First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.03. The company had revenue of $116.50 million during the quarter, compared to analysts’ expectations of $119.97 million. First Interstate BancSystem had a return on equity of 9.44% and a net margin of 21.08%.
FIBK has been the topic of several analyst reports. Zacks Investment Research raised First Interstate BancSystem from a “hold” rating to a “strong-buy” rating and set a $44.00 target price on the stock in a report on Friday, April 28th. Keefe, Bruyette & Woods set a $43.00 target price on First Interstate BancSystem and gave the stock a “hold” rating in a report on Saturday, May 27th. ValuEngine raised First Interstate BancSystem from a “hold” rating to a “buy” rating in a report on Wednesday, May 31st. Piper Jaffray Companies reissued an “overweight” rating and set a $43.00 target price (down from $44.00) on shares of First Interstate BancSystem in a report on Thursday, June 1st. Finally, Wells Fargo & Company raised First Interstate BancSystem from a “market perform” rating to an “outperform” rating in a report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $42.00.
Several hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in shares of First Interstate BancSystem by 105.8% in the second quarter. JPMorgan Chase & Co. now owns 1,670,474 shares of the financial services provider’s stock valued at $62,142,000 after buying an additional 858,775 shares in the last quarter. Laurion Capital Management LP acquired a new stake in shares of First Interstate BancSystem during the second quarter valued at $23,962,000. Bank of New York Mellon Corp increased its stake in shares of First Interstate BancSystem by 63.2% in the second quarter. Bank of New York Mellon Corp now owns 1,603,013 shares of the financial services provider’s stock valued at $59,632,000 after buying an additional 620,854 shares in the last quarter. Koch Industries Inc. acquired a new stake in shares of First Interstate BancSystem during the second quarter valued at $584,000. Finally, Vanguard Group Inc. increased its stake in shares of First Interstate BancSystem by 44.7% in the first quarter. Vanguard Group Inc. now owns 1,795,049 shares of the financial services provider’s stock valued at $71,175,000 after buying an additional 554,418 shares in the last quarter. Institutional investors and hedge funds own 41.10% of the company’s stock.
First Interstate BancSystem (NASDAQ FIBK) opened at 35.80 on Thursday. The firm’s 50 day moving average price is $36.75 and its 200-day moving average price is $38.64. First Interstate BancSystem has a one year low of $29.67 and a one year high of $45.35. The company has a market capitalization of $2.02 billion, a PE ratio of 17.34 and a beta of 1.15.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Wednesday, August 2nd were given a dividend of $0.24 per share. The ex-dividend date was Monday, July 31st. This represents a $0.96 annualized dividend and a dividend yield of 2.68%. First Interstate BancSystem’s dividend payout ratio is currently 46.38%.
About First Interstate BancSystem
First Interstate BancSystem, Inc is a financial and bank holding company. The Company, through its bank subsidiary First Interstate Bank (the Bank), delivers a range of banking products and services to individuals, businesses, municipalities and other entities. The Company also, through its subsidiary Bank of the Cascades, offers full-service community banking through 46 branches in Oregon, Idaho and Washington.
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