First Interstate BancSystem, Inc. (FIBK) to Issue Quarterly Dividend of $0.47 on November 14th

First Interstate BancSystem, Inc. (NASDAQ:FIBK) declared a quarterly dividend on Wednesday, October 23rd, Zacks reports. Investors of record on Monday, November 4th will be paid a dividend of 0.47 per share by the financial services provider on Thursday, November 14th. This represents a $1.88 annualized dividend and a yield of 6.11%. The ex-dividend date is Monday, November 4th.

First Interstate BancSystem has raised its dividend by an average of 10.3% annually over the last three years and has increased its dividend every year for the last 11 years. First Interstate BancSystem has a dividend payout ratio of 76.4% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect First Interstate BancSystem to earn $2.49 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 75.5%.

First Interstate BancSystem Stock Performance

FIBK opened at $30.78 on Friday. The firm has a fifty day moving average price of $30.64 and a 200 day moving average price of $28.81. First Interstate BancSystem has a 1 year low of $22.89 and a 1 year high of $33.00. The stock has a market cap of $3.22 billion, a P/E ratio of 13.50 and a beta of 0.81. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.79 and a quick ratio of 0.79.

First Interstate BancSystem (NASDAQ:FIBK) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 17.22% and a return on equity of 7.57%. During the same period last year, the firm earned $0.70 EPS. Equities research analysts anticipate that First Interstate BancSystem will post 2.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

FIBK has been the subject of several research analyst reports. Piper Sandler decreased their target price on First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Stephens reaffirmed an “overweight” rating and set a $36.00 price objective on shares of First Interstate BancSystem in a report on Thursday, October 10th. StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Barclays lowered shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $32.00 to $30.00 in a research note on Thursday. Finally, DA Davidson boosted their price objective on First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $32.50.

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.