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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) declared a quarterly dividend on Wednesday, April 24th, Zacks reports. Stockholders 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 annualized dividend and a dividend yield of 6.98%. The ex-dividend date is Friday, May 3rd.

First Interstate BancSystem has increased its dividend payment by an average of 10.3% annually over the last three years. First Interstate BancSystem has a payout ratio of 73.4% meaning its dividend is sufficiently covered by earnings. 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 %

FIBK stock opened at $26.95 on Friday. First Interstate BancSystem has a twelve month low of $20.81 and a twelve month high of $32.54. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.89. The firm has a market cap of $2.80 billion, a PE ratio of 10.74 and a beta of 0.87. The business has a 50 day moving average of $26.08 and a 200 day moving average of $26.66.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Tuesday, January 30th. The financial services provider reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.04. The business had revenue of $252.30 million during the quarter, compared to analyst estimates of $254.50 million. First Interstate BancSystem had a return on equity of 8.55% and a net margin of 18.04%. On average, research analysts forecast that First Interstate BancSystem will post 2.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other First Interstate BancSystem news, insider Lorrie F. Asker sold 1,921 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $26.05, for a total transaction of $50,042.05. Following the sale, the insider now directly owns 6,909 shares of the company’s stock, valued at $179,979.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Karlyn M. Knieriem sold 2,900 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $26.76, for a total value of $77,604.00. Following the completion of the sale, the executive vice president now owns 20,599 shares in the company, valued at $551,229.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lorrie F. Asker sold 1,921 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $26.05, for a total value of $50,042.05. Following the completion of the sale, the insider now owns 6,909 shares of the company’s stock, valued at approximately $179,979.45. The disclosure for this sale can be found here. Insiders have sold 7,531 shares of company stock valued at $197,645 over the last ninety days. 6.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Barclays assumed coverage on First Interstate BancSystem in a research report on Friday, March 8th. They set an “equal weight” rating and a $28.00 target price on the stock. Stephens reissued an “overweight” rating and set a $32.00 price target on shares of First Interstate BancSystem in a report on Thursday. Wells Fargo & Company lifted their target price on First Interstate BancSystem from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Finally, TheStreet cut First Interstate BancSystem from a “b-” rating to a “c+” rating in a report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, First Interstate BancSystem presently has an average rating of “Hold” and an average target price of $29.00.

First Interstate BancSystem Company Profile

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.