Zacks: Analysts Expect First Interstate Bancsystem Inc (FIBK) Will Post Quarterly Sales of $144.07 Million

Brokerages expect First Interstate Bancsystem Inc (NASDAQ:FIBK) to announce $144.07 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for First Interstate Bancsystem’s earnings, with estimates ranging from $141.03 million to $148.63 million. First Interstate Bancsystem reported sales of $139.07 million in the same quarter last year, which indicates a positive year over year growth rate of 3.6%. The company is scheduled to announce its next quarterly earnings report on Monday, October 29th.

On average, analysts expect that First Interstate Bancsystem will report full-year sales of $576.45 million for the current fiscal year, with estimates ranging from $571.90 million to $581.35 million. For the next financial year, analysts anticipate that the firm will post sales of $641.04 million per share, with estimates ranging from $636.08 million to $646.46 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for First Interstate Bancsystem.

First Interstate Bancsystem (NASDAQ:FIBK) last issued its quarterly earnings results on Wednesday, July 25th. The financial services provider reported $0.74 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.74. First Interstate Bancsystem had a net margin of 23.86% and a return on equity of 10.35%. The company had revenue of $141.40 million during the quarter, compared to the consensus estimate of $139.12 million.

A number of equities research analysts have weighed in on the stock. Zacks Investment Research downgraded shares of First Interstate Bancsystem from a “buy” rating to a “hold” rating in a report on Friday, August 3rd. Barclays reaffirmed a “buy” rating and set a $48.00 price objective on shares of First Interstate Bancsystem in a research note on Sunday, July 29th. BidaskClub lowered shares of First Interstate Bancsystem from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 30th. ValuEngine lowered shares of First Interstate Bancsystem from a “buy” rating to a “hold” rating in a research note on Monday, June 11th. Finally, FIG Partners raised shares of First Interstate Bancsystem from a “market perform” rating to an “outperform” rating in a research note on Thursday, April 26th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. First Interstate Bancsystem currently has an average rating of “Buy” and an average price target of $47.00.

First Interstate Bancsystem remained flat at $$43.50 on Friday, according to Marketbeat. 87,083 shares of the company’s stock were exchanged, compared to its average volume of 121,802. First Interstate Bancsystem has a 52 week low of $33.33 and a 52 week high of $44.95. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 0.07. The firm has a market cap of $2.47 billion, a P/E ratio of 21.64, a price-to-earnings-growth ratio of 1.62 and a beta of 1.08.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 21st. Shareholders of record on Friday, August 10th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend is Thursday, August 9th. First Interstate Bancsystem’s dividend payout ratio is presently 55.72%.

In other First Interstate Bancsystem news, Director John M. Heyneman, Jr. sold 2,000 shares of the company’s stock in a transaction dated Wednesday, May 30th. The shares were sold at an average price of $43.98, for a total transaction of $87,960.00. Following the completion of the sale, the director now directly owns 4,040 shares of the company’s stock, valued at $177,679.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jonathan R. Scott sold 19,623 shares of the company’s stock in a transaction dated Thursday, May 24th. The shares were sold at an average price of $43.85, for a total transaction of $860,468.55. Following the sale, the director now directly owns 4,292 shares of the company’s stock, valued at $188,204.20. The disclosure for this sale can be found here. Insiders have sold 30,623 shares of company stock valued at $1,328,279 over the last ninety days. Insiders own 40.23% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Federated Investors Inc. PA increased its holdings in shares of First Interstate Bancsystem by 40.5% in the 2nd quarter. Federated Investors Inc. PA now owns 290,308 shares of the financial services provider’s stock valued at $12,251,000 after purchasing an additional 83,621 shares during the period. BlackRock Inc. increased its holdings in shares of First Interstate Bancsystem by 22.5% in the 2nd quarter. BlackRock Inc. now owns 2,055,836 shares of the financial services provider’s stock valued at $86,756,000 after purchasing an additional 377,376 shares during the period. Sun Life Financial INC acquired a new position in shares of First Interstate Bancsystem in the 2nd quarter valued at about $414,000. Martingale Asset Management L P increased its holdings in shares of First Interstate Bancsystem by 121.2% in the 2nd quarter. Martingale Asset Management L P now owns 17,701 shares of the financial services provider’s stock valued at $747,000 after purchasing an additional 9,700 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its holdings in shares of First Interstate Bancsystem by 17.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 136,888 shares of the financial services provider’s stock valued at $5,777,000 after purchasing an additional 20,686 shares during the period. Institutional investors own 46.79% of the company’s stock.

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. Its deposit products include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors.

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