First Interstate BancSystem, Inc. (NASDAQ:FIBK) Announces Quarterly Dividend of $0.47

First Interstate BancSystem, Inc. (NASDAQ:FIBK) announced a quarterly dividend on Wednesday, April 24th, Zacks reports. Investors of record on Monday, May 6th will be paid a dividend of 0.47 per share by the financial services provider on Thursday, May 16th. This represents a $1.88 dividend on an annualized basis and a yield of 6.98%. The ex-dividend date of this dividend is Friday, May 3rd.

First Interstate BancSystem has raised its dividend by an average of 10.3% per year over the last three years. First Interstate BancSystem has a dividend payout ratio of 73.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect First Interstate BancSystem to earn $2.57 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 73.2%.

First Interstate BancSystem Stock Up 1.4 %

Shares of NASDAQ FIBK opened at $26.95 on Friday. First Interstate BancSystem has a 1 year low of $20.81 and a 1 year high of $32.54. The firm’s 50 day moving average price is $26.08 and its 200 day moving average price is $26.66. The firm has a market cap of $2.80 billion, a P/E ratio of 10.74 and a beta of 0.87. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.76 and a current ratio of 0.77.

First Interstate BancSystem (NASDAQ:FIBK) last announced its earnings results on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.04. First Interstate BancSystem had a net margin of 18.04% and a return on equity of 8.55%. The firm had revenue of $252.30 million for the quarter, compared to analyst estimates of $254.50 million. As a group, sell-side analysts anticipate that First Interstate BancSystem will post 2.17 earnings per share for the current year.

Insider Activity

In related news, EVP Kristina Robbins sold 2,710 shares of First Interstate BancSystem stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total transaction of $69,999.30. Following the sale, the executive vice president now owns 9,047 shares of the company’s stock, valued at approximately $233,684.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Kristina Robbins sold 2,710 shares of First Interstate BancSystem stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total transaction of $69,999.30. Following the sale, the executive vice president now owns 9,047 shares of the company’s stock, valued at approximately $233,684.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Karlyn M. Knieriem sold 2,900 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the transaction, the executive vice president now directly owns 20,599 shares of the company’s stock, valued at $551,229.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,531 shares of company stock valued at $197,645. Company insiders own 6.90% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on FIBK. Wells Fargo & Company raised their target price on shares of First Interstate BancSystem from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Stephens reaffirmed an “overweight” rating and set a $32.00 price target on shares of First Interstate BancSystem in a research note on Thursday. TheStreet downgraded shares of First Interstate BancSystem from a “b-” rating to a “c+” rating in a research note on Monday, March 18th. Finally, Barclays began coverage on shares of First Interstate BancSystem in a research note on Friday, March 8th. They set an “equal weight” rating and a $28.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $29.00.

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. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.