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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) announced 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 annualized dividend and a dividend yield of 6.07%. The ex-dividend date is Monday, November 4th.

First Interstate BancSystem has raised its dividend by an average of 10.3% annually 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% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. 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 Price Performance

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

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

Analysts Set New Price Targets

Several research firms have commented on FIBK. StockNews.com downgraded First Interstate BancSystem from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Wells Fargo & Company downgraded shares of First Interstate BancSystem from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $30.00 to $28.00 in a research report on Tuesday, October 1st. Barclays upped their price target on shares of First Interstate BancSystem from $31.00 to $32.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. DA Davidson lifted their price target on shares of First Interstate BancSystem from $27.00 to $34.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Finally, Stephens restated an “overweight” rating and issued a $36.00 price objective on shares of First Interstate BancSystem in a report on Thursday, October 10th. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average 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.