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

First Interstate BancSystem, Inc. (NASDAQ:FIBK) announced a quarterly dividend on Tuesday, January 28th,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 5.72%. The ex-dividend date is Monday, February 10th.

First Interstate BancSystem has raised its dividend by an average of 4.7% annually over the last three years. First Interstate BancSystem has a payout ratio of 68.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect First Interstate BancSystem to earn $2.71 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 69.4%.

First Interstate BancSystem Trading Down 1.1 %

Shares of FIBK stock opened at $32.86 on Friday. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of 15.00 and a beta of 0.85. The firm has a fifty day moving average of $32.88 and a 200-day moving average of $31.64. First Interstate BancSystem has a 52-week low of $24.16 and a 52-week high of $36.77. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78.

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, topping the consensus estimate of $0.49 by $0.01. First Interstate BancSystem had a return on equity of 6.92% and a net margin of 15.94%. On average, equities research analysts forecast that First Interstate BancSystem will post 2.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Jonathan R. Scott sold 6,500 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $34.18, for a total transaction of $222,170.00. Following the completion of the sale, the director now directly owns 958,710 shares in the company, valued at $32,768,707.80. This represents a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Julie A. Scott sold 22,050 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $33.80, for a total value of $745,290.00. Following the sale, the insider now owns 613,019 shares in the company, valued at approximately $20,720,042.20. The trade was a 3.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,617 shares of company stock valued at $1,176,772 over the last quarter. 6.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FIBK. StockNews.com cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a report on Tuesday, December 24th. Stephens reduced their target price on shares of First Interstate BancSystem from $39.00 to $38.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. UBS Group initiated coverage on First Interstate BancSystem in a research report on Tuesday, December 17th. They set a “neutral” rating and a $35.00 target price for the company. Piper Sandler lowered their price objective on First Interstate BancSystem from $42.00 to $41.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Finally, Wells Fargo & Company raised their target price on shares of First Interstate BancSystem from $29.00 to $30.00 and gave the company an “underweight” rating in a research note on Monday, February 3rd. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, First Interstate BancSystem has a consensus rating of “Hold” and a consensus target price of $36.14.

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.