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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) announced a quarterly dividend on Thursday, January 30th,Wall Street Journal reports. Stockholders of record on Monday, February 10th will be given a dividend of 0.47 per share by the financial services provider on Thursday, February 20th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.61%. The ex-dividend date of this dividend is Monday, February 10th.

First Interstate BancSystem has raised its dividend payment by an average of 4.7% annually over the last three years. First Interstate BancSystem has a payout ratio of 67.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect First Interstate BancSystem to earn $2.67 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 70.4%.

First Interstate BancSystem Stock Performance

FIBK opened at $33.50 on Friday. First Interstate BancSystem has a twelve month low of $24.16 and a twelve month high of $36.77. The firm has a market capitalization of $3.50 billion, a PE ratio of 15.30 and a beta of 0.85. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The firm’s 50-day moving average price is $33.14 and its 200 day moving average price is $31.58.

First Interstate BancSystem (NASDAQ:FIBK) last issued its earnings results on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. As a group, sell-side analysts expect that First Interstate BancSystem will post 2.53 EPS for the current fiscal year.

Insider Transactions at First Interstate BancSystem

In related news, major shareholder Julie A. Scott sold 20,220 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $32.78, for a total transaction of $662,811.60. Following the sale, the insider now directly owns 635,069 shares of the company’s stock, valued at $20,817,561.82. This represents a 3.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jonathan R. Scott sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the completion of the transaction, the director now directly owns 958,710 shares of the company’s stock, valued at $32,768,707.80. This represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,837 shares of company stock worth $1,839,583. 6.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

FIBK has been the subject of a number of recent research reports. UBS Group started coverage on First Interstate BancSystem in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $35.00 target price for the company. Keefe, Bruyette & Woods raised their price objective on shares of First Interstate BancSystem from $32.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Stephens reissued an “overweight” rating and issued a $36.00 price target on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Piper Sandler reduced their price target on shares of 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. Finally, Wells Fargo & Company lowered their price objective on First Interstate BancSystem from $30.00 to $29.00 and set an “underweight” rating for the company in a research report on Monday, January 6th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $35.00.

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.