First Interstate BancSystem, Inc. Announces Quarterly Dividend of $0.41 (NASDAQ:FIBK)

First Interstate BancSystem, Inc. (NASDAQ:FIBKGet Rating) announced a quarterly dividend on Monday, July 25th, Zacks reports. Stockholders of record on Tuesday, August 9th will be given a dividend of 0.41 per share by the financial services provider on Friday, August 19th. This represents a $1.64 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend is Monday, August 8th.

First Interstate BancSystem has a payout ratio of 41.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect First Interstate BancSystem to earn $3.95 per share next year, which means the company should continue to be able to cover its $1.64 annual dividend with an expected future payout ratio of 41.5%.

First Interstate BancSystem Stock Performance

First Interstate BancSystem stock opened at $40.57 on Friday. The firm has a 50 day simple moving average of $38.40 and a 200-day simple moving average of $37.36. First Interstate BancSystem has a 1-year low of $32.40 and a 1-year high of $45.91. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.71 and a quick ratio of 0.70. The stock has a market cap of $4.44 billion, a price-to-earnings ratio of 22.29 and a beta of 0.96.

First Interstate BancSystem (NASDAQ:FIBKGet Rating) last posted its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.16). The company had revenue of $288.90 million for the quarter, compared to analysts’ expectations of $271.40 million. First Interstate BancSystem had a return on equity of 9.11% and a net margin of 14.78%. During the same period in the previous year, the business posted $0.69 EPS. On average, analysts expect that First Interstate BancSystem will post 3.05 EPS for the current year.

Insiders Place Their Bets

In other news, Director John M. Heyneman, Jr. sold 1,000 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $40.71, for a total value of $40,710.00. Following the sale, the director now directly owns 21,130 shares in the company, valued at approximately $860,202.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director John M. Heyneman, Jr. sold 1,000 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $40.71, for a total value of $40,710.00. Following the sale, the director now directly owns 21,130 shares in the company, valued at approximately $860,202.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Russell A. Lee sold 1,400 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $40.36, for a total transaction of $56,504.00. Following the completion of the sale, the executive vice president now owns 7,271 shares in the company, valued at $293,457.56. The disclosure for this sale can be found here. Insiders have sold a total of 8,599 shares of company stock worth $319,197 in the last ninety days. 6.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds and other institutional investors have recently modified their holdings of the company. Hsbc Holdings PLC purchased a new position in shares of First Interstate BancSystem in the 1st quarter valued at $1,214,000. American Century Companies Inc. purchased a new position in shares of First Interstate BancSystem in the 1st quarter valued at $1,046,000. BNP Paribas Arbitrage SA grew its position in shares of First Interstate BancSystem by 14.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 22,865 shares of the financial services provider’s stock valued at $841,000 after buying an additional 2,872 shares during the last quarter. Quantamental Technologies LLC purchased a new position in shares of First Interstate BancSystem in the 1st quarter valued at $476,000. Finally, Baird Financial Group Inc. grew its position in shares of First Interstate BancSystem by 8.3% in the 1st quarter. Baird Financial Group Inc. now owns 11,535 shares of the financial services provider’s stock valued at $424,000 after buying an additional 886 shares during the last quarter. 69.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FIBK. Keefe, Bruyette & Woods raised shares of First Interstate BancSystem from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Monday, May 2nd. TheStreet lowered shares of First Interstate BancSystem from a “b” rating to a “c” rating in a report on Tuesday, May 31st. StockNews.com upgraded shares of First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Thursday, July 28th. Finally, Janney Montgomery Scott upgraded shares of First Interstate BancSystem from a “neutral” rating to a “buy” rating and set a $42.00 target price on the stock in a report on Tuesday, May 3rd. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, First Interstate BancSystem presently has a consensus rating of “Moderate Buy” and an average price target of $44.00.

About First Interstate BancSystem

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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.

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Dividend History for First Interstate BancSystem (NASDAQ:FIBK)

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