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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) declared 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 annualized dividend and a dividend yield of 5.61%. The ex-dividend date of this dividend is Monday, February 10th.

First Interstate BancSystem has increased its dividend payment by an average of 4.7% per year over the last three years. First Interstate BancSystem has a dividend payout ratio of 67.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First Interstate BancSystem to earn $2.53 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 74.3%.

First Interstate BancSystem Stock Performance

FIBK traded up $0.67 on Thursday, reaching $33.53. The company had a trading volume of 573,006 shares, compared to its average volume of 599,804. The stock has a 50-day moving average price of $33.14 and a 200-day moving average price of $31.58. The stock has a market capitalization of $3.50 billion, a PE ratio of 14.71 and a beta of 0.85. First Interstate BancSystem has a 1 year low of $24.16 and a 1 year high of $36.77. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71.

First Interstate BancSystem (NASDAQ:FIBK) last released its earnings results on Wednesday, January 29th. The financial services provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a net margin of 15.94% and a return on equity of 7.48%. As a group, research analysts forecast that First Interstate BancSystem will post 2.2 EPS for the current fiscal year.

Analyst Ratings Changes

FIBK has been the topic of several analyst reports. StockNews.com cut shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Tuesday, December 24th. Wells Fargo & Company lowered their target price on shares of First Interstate BancSystem from $30.00 to $29.00 and set an “underweight” rating for the company in a research note on Monday, January 6th. UBS Group began coverage on First Interstate BancSystem in a research note on Tuesday, December 17th. They set a “neutral” rating and a $35.00 price target on the stock. Barclays lifted their price objective on First Interstate BancSystem from $30.00 to $31.00 and gave the company an “underweight” rating in a research report on Thursday, December 5th. Finally, DA Davidson reiterated a “buy” rating and set a $42.00 target price on shares of First Interstate BancSystem in a research report on Thursday. Three research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $35.00.

Insider Buying and Selling at First Interstate BancSystem

In related news, major shareholder James R. Scott, Jr. sold 6,067 shares of First Interstate BancSystem stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $34.50, for a total value of $209,311.50. Following the transaction, the insider now owns 75,387 shares of the company’s stock, valued at approximately $2,600,851.50. This trade represents a 7.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Julie A. Scott sold 20,220 shares of the company’s stock in a transaction dated 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,837 shares of company stock valued at $1,839,583. 6.90% of the stock is owned by corporate insiders.

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.