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Earnings To Watch: First Interstate BancSystem (FIBK) Reports Q2 Results Tomorrow
Regional banking company First Interstate BancSystem (NASDAQ:FIBK) will be announcing earnings results this Tuesday after market hours. Here's what you need to know. First Interstate BancSystem missed analysts' revenue expectations by 2.3% last quarter, reporting revenues of $247 million, up 2% year on year. It was a disappointing quarter for the company, with a significant miss of analysts' net interest income estimates and a significant miss of analysts' EPS estimates. Is First Interstate BancSystem a buy or sell going into earnings? Read our full analysis here, it's free. This quarter, analysts are expecting First Interstate BancSystem's revenue to grow 3.4% year on year to $252.7 million, a reversal from the 6.9% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.58 per share. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. First Interstate BancSystem has missed Wall Street's revenue estimates four 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. Seacoast Banking delivered year-on-year revenue growth of 19.6%, beating analysts' expectations by 5%, and Atlantic Union Bankshares reported revenues up 86.2%, topping estimates by 12.5%. Seacoast Banking's stock price was unchanged after the resultswhile Atlantic Union Bankshares was down 1.9%. Read our full analysis of Seacoast Banking's results here and Atlantic Union Bankshares's results here. There has been positive sentiment among investors in the regional banks segment, with share prices up 4.3% on average over the last month. First Interstate BancSystem is up 5.8% during the same time and is heading into earnings with an average analyst price target of $31.88 (compared to the current share price of $30.50). When a company has more cash than it knows what to do with, buying back its own shares can make a lot of sense–as long as the price is right. Luckily, we've found one, a low-priced stock that is gushing free cash flow AND buying back shares. Click here to claim your Special Free Report on a fallen angel growth story that is already recovering from a setback. StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.
News24
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Transformation ‘a journey': Absa says it's making strides, but work remains
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Bloomberg
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Brookfield, Birch Hill Snag Canadian Mortgage Firm in $2.1 Billion Deal
Brookfield Asset Management and a private equity partner reached a friendly deal to take over First National Financial Corp., a mortgage company backed by Canadian billionaire Stephen Smith, for about C$2.9 billion ($2.1 billion). Funds managed by Brookfield and Toronto-based Birch Hill Equity Partners Management Inc. agreed to pay C$48 a share in cash for First National, an originator of commercial and residential mortgages. That's a 13% premium to where the shares closed Friday.
