First Interstate BancSystem Earnings: What To Look For From FIBK
Regional banking company First Interstate BancSystem (NASDAQ:FIBK) will be reporting results this Thursday afternoon. Here’s what you need to know.
First Interstate BancSystem met analysts’ revenue expectations last quarter, reporting revenues of $243.1 million, down 2.2% year on year. It was a mixed quarter for the company, with a solid beat of analysts’ tangible book value per share estimates but a narrow beat of analysts’ EPS estimates.
Is First Interstate BancSystem a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting First Interstate BancSystem’s revenue to decline 2.2% year on year, a reversal from the 2.7% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. First Interstate BancSystem has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at First Interstate BancSystem’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. OFG Bancorp delivered year-on-year revenue growth of 4.5%, beating analysts’ expectations by 3.9%, and BOK Financial reported revenues up 10.1%, topping estimates by 2.8%. BOK Financial’s stock price was unchanged following the results.
Read our full analysis of OFG Bancorp’s results here and BOK Financial’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 4.8% on average over the last month. First Interstate BancSystem is up 6.1% during the same time and is heading into earnings with an average analyst price target of $37.38 (compared to the current share price of $38.96).
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