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

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) 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 dividend on an annualized basis and a 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% per year over the last three years and has increased its dividend every year for the last 11 years. First Interstate BancSystem has a dividend 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 decline. Equities 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

Shares of FIBK stock traded down $1.06 during trading hours on Friday, hitting $30.95. 1,014,911 shares of the company's stock were exchanged, compared to its average volume of 457,631. 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 firm has a market cap of $3.24 billion, a P/E ratio of 12.68 and a beta of 0.81. The firm has a 50 day moving average of $30.46 and a two-hundred day moving average of $28.62. First Interstate BancSystem has a fifty-two week low of $22.68 and a fifty-two week high of $33.00.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.54 EPS 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 last year, the company earned $0.70 earnings per share. Sell-side analysts forecast that First Interstate BancSystem will post 2.34 EPS for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on FIBK shares. Piper Sandler reaffirmed an "overweight" rating and issued a $38.00 target price on shares of First Interstate BancSystem in a research note on Monday, August 26th. Stephens reaffirmed an "overweight" rating and issued a $36.00 target price on shares of First Interstate BancSystem in a research note on Thursday, October 10th. Wells Fargo & Company downgraded 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 note on Tuesday, October 1st. StockNews.com cut First Interstate BancSystem from a "hold" rating to a "sell" rating in a report on Thursday, October 3rd. Finally, DA Davidson increased their price target on First Interstate BancSystem from $27.00 to $34.00 and gave the stock a "neutral" rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus 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.