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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) declared a quarterly dividend on Wednesday, April 24th, Zacks reports. Investors of record on Monday, May 6th will be given a dividend of 0.47 per share by the financial services provider on Thursday, May 16th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 6.88%. The ex-dividend date of this dividend is Friday, May 3rd.

First Interstate BancSystem has raised its dividend by an average of 10.3% annually over the last three years. First Interstate BancSystem has a dividend payout ratio of 73.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First Interstate BancSystem to earn $2.57 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 73.2%.

First Interstate BancSystem Stock Up 1.4 %

Shares of NASDAQ:FIBK traded up $0.37 during mid-day trading on Friday, reaching $27.32. 75,390 shares of the stock were exchanged, compared to its average volume of 825,060. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.89. The company has a market cap of $2.84 billion, a P/E ratio of 10.74 and a beta of 0.87. First Interstate BancSystem has a one year low of $20.81 and a one year high of $32.54. The stock’s 50 day simple moving average is $26.08 and its 200-day simple moving average is $26.66.

First Interstate BancSystem (NASDAQ:FIBK) last posted its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. First Interstate BancSystem had a return on equity of 8.55% and a net margin of 18.04%. The firm had revenue of $252.30 million during the quarter, compared to the consensus estimate of $254.50 million. As a group, equities research analysts predict that First Interstate BancSystem will post 2.17 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FIBK. TheStreet downgraded First Interstate BancSystem from a “b-” rating to a “c+” rating in a research note on Monday, March 18th. Stephens reiterated an “overweight” rating and set a $32.00 target price on shares of First Interstate BancSystem in a research report on Thursday. Barclays began coverage on First Interstate BancSystem in a research report on Friday, March 8th. They set an “equal weight” rating and a $28.00 price objective for the company. Finally, Wells Fargo & Company upped their price objective on First Interstate BancSystem from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $29.00.

Insiders Place Their Bets

In other news, EVP Kristina Robbins sold 2,710 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $25.83, for a total value of $69,999.30. Following the completion of the sale, the executive vice president now owns 9,047 shares of the company’s stock, valued at $233,684.01. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Karlyn M. Knieriem sold 2,900 shares of First Interstate BancSystem stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $26.76, for a total transaction of $77,604.00. Following the completion of the sale, the executive vice president now owns 20,599 shares of the company’s stock, valued at $551,229.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kristina Robbins sold 2,710 shares of First Interstate BancSystem stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $25.83, for a total value of $69,999.30. Following the sale, the executive vice president now directly owns 9,047 shares of the company’s stock, valued at approximately $233,684.01. The disclosure for this sale can be found here. Insiders sold a total of 7,531 shares of company stock valued at $197,645 in the last 90 days. Corporate insiders own 6.90% of the company’s stock.

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.