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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) declared a quarterly dividend on Thursday, October 24th, 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 dividend on an annualized basis and a dividend yield of 6.07%. The ex-dividend date is Monday, November 4th.

First Interstate BancSystem has increased its dividend by an average of 10.3% per year over the last three years and has increased its dividend annually for the last 11 consecutive years. First Interstate BancSystem has a payout ratio of 75.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect First Interstate BancSystem to earn $2.59 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 72.6%.

First Interstate BancSystem Stock Down 3.3 %

Shares of FIBK traded down $1.06 during trading hours on Friday, reaching $30.95. The stock had a trading volume of 1,014,911 shares, compared to its average volume of 679,157. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.92. The firm has a 50-day simple moving average of $30.46 and a 200 day simple moving average of $28.61. First Interstate BancSystem has a 12 month low of $22.68 and a 12 month high of $33.00. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 12.33 and a beta of 0.81.

First Interstate BancSystem (NASDAQ:FIBK) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). First Interstate BancSystem had a net margin of 17.22% and a return on equity of 8.19%. During the same period in the prior year, the firm earned $0.70 EPS. Equities research analysts predict that First Interstate BancSystem will post 2.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on FIBK shares. Wells Fargo & Company cut First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $30.00 to $28.00 in a research note on Tuesday, October 1st. StockNews.com cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Stephens reiterated an “overweight” rating and set a $36.00 target price on shares of First Interstate BancSystem in a research note on Thursday, October 10th. DA Davidson lifted their target price 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. Finally, Barclays lifted their target price on First Interstate BancSystem from $31.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $33.17.

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.