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

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 given 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 yield of 6.07%. The ex-dividend date of this dividend is Monday, November 4th.

First Interstate BancSystem has increased its dividend by an average of 10.3% annually over the last three years and has raised 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 fall. Research 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

NASDAQ:FIBK traded down $1.06 during mid-day trading 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 firm has a 50 day moving average price of $30.46 and a two-hundred day moving average price of $28.61. The stock has a market capitalization of $3.24 billion, a P/E ratio of 12.33 and a beta of 0.81. First Interstate BancSystem has a one year low of $22.68 and a one year high of $33.00. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.79 and a current ratio of 0.79.

First Interstate BancSystem (NASDAQ:FIBK) last announced 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 company posted $0.70 earnings per share. As a group, analysts expect that First Interstate BancSystem will post 2.34 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FIBK. Keefe, Bruyette & Woods boosted their target price on First Interstate BancSystem from $29.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. StockNews.com cut First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Stephens reissued an “overweight” rating and set a $36.00 target price on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Barclays boosted their target price on First Interstate BancSystem from $31.00 to $32.00 and gave the company an “equal weight” rating in a research note on Friday, September 27th. Finally, DA Davidson boosted their target price on First Interstate BancSystem from $27.00 to $34.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, First Interstate BancSystem has a consensus rating of “Hold” and a consensus target price of $33.17.

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.