Analysts Expect First Interstate BancSystem, Inc. (FIBK) Will Post Quarterly Sales of $135.02 Million
Wall Street brokerages expect that First Interstate BancSystem, Inc. (NASDAQ:FIBK) will announce $135.02 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for First Interstate BancSystem’s earnings, with estimates ranging from $132.50 million to $137.93 million. First Interstate BancSystem reported sales of $102.45 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 31.8%. The business is scheduled to issue its next earnings results after the market closes on Monday, October 30th.
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 financial year, analysts forecast that the firm will post sales of $556.38 million per share, with estimates ranging from $549.78 million to $564.75 million. Zacks’ sales calculations are a mean average based on a survey of research firms that follow First Interstate BancSystem.
First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.03. The firm had revenue of $116.50 million during the quarter, compared to the consensus estimate 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 subject of several recent analyst reports. BidaskClub lowered First Interstate BancSystem from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Zacks Investment Research lowered First Interstate BancSystem from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. ValuEngine lowered First Interstate BancSystem from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $41.00 target price on shares of First Interstate BancSystem in a report on Tuesday, June 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. First Interstate BancSystem currently has a consensus rating of “Hold” and an average price target of $42.00.
First Interstate BancSystem (FIBK) opened at 38.85 on Wednesday. First Interstate BancSystem has a 52 week low of $30.70 and a 52 week high of $45.35. The stock’s 50 day moving average price is $36.33 and its 200 day moving average price is $37.06. The company has a market capitalization of $2.19 billion, a P/E ratio of 18.80 and a beta of 1.17.
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Hedge funds and other institutional investors have recently made changes to their positions in the business. Kennedy Capital Management Inc. bought a new position in First Interstate BancSystem during the second quarter valued at $2,020,000. LSV Asset Management grew its holdings in First Interstate BancSystem by 13.2% during the second quarter. LSV Asset Management now owns 618,585 shares of the financial services provider’s stock valued at $23,011,000 after purchasing an additional 71,900 shares during the period. Karp Capital Management Corp bought a new position in First Interstate BancSystem during the first quarter valued at $663,000. First Trust Advisors LP grew its holdings in First Interstate BancSystem by 196.5% during the second quarter. First Trust Advisors LP now owns 117,541 shares of the financial services provider’s stock valued at $4,373,000 after purchasing an additional 77,901 shares during the period. Finally, Context BH Capital Management LP bought a new position in First Interstate BancSystem during the second quarter valued at $690,000. 44.85% of the stock is owned by institutional investors and hedge funds.
First Interstate BancSystem Company Profile
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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