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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) announced a quarterly dividend on Thursday, January 30th,Wall Street Journal reports. Investors 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 yield of 5.61%. The ex-dividend date 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 dividend payout ratio of 67.4% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

FIBK opened at $33.50 on Friday. The business has a fifty day moving average of $33.14 and a 200 day moving average of $31.58. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. The stock has a market cap of $3.50 billion, a P/E ratio of 15.30 and a beta of 0.85. First Interstate BancSystem has a 52-week low of $24.16 and a 52-week high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK) last released its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating 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 6.92%. As a group, sell-side analysts anticipate that First Interstate BancSystem will post 2.53 EPS for the current year.

Insider Buying and Selling at First Interstate BancSystem

In other First Interstate BancSystem news, major shareholder Julie A. Scott sold 20,220 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $32.78, for a total value of $662,811.60. Following the completion of the sale, the insider now owns 635,069 shares of the company’s stock, valued at approximately $20,817,561.82. This trade represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jonathan R. Scott sold 6,500 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the transaction, the director now owns 958,710 shares in the company, valued at approximately $32,768,707.80. This trade represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,837 shares of company stock worth $1,839,583 over the last three months. Corporate insiders own 6.90% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on FIBK. Stephens reaffirmed an “overweight” rating and set a $36.00 target price on shares of First Interstate BancSystem in a research report on Thursday, October 10th. Barclays increased their target price on shares of First Interstate BancSystem from $30.00 to $31.00 and gave the stock an “underweight” rating in a report on Thursday, December 5th. DA Davidson restated a “buy” rating and issued a $42.00 price target on shares of First Interstate BancSystem in a report on Thursday. Piper Sandler dropped their price objective on shares of First Interstate BancSystem from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Finally, Wells Fargo & Company reduced their price objective 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. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target 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.