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

Key Points

• First Interstate BancSystem declared a quarterly dividend of $0.47 per share, payable November 13 to shareholders of record November 3. The annualized dividend is $1.88 per share, representing a 5.1% yield.
• The dividend appears supported by earnings, with a current payout ratio of 71.2% and an expected future payout ratio of 66.0% based on projected earnings of $2.85 per share.
• Quarterly EPS of $0.65 fell short of the $0.92 consensus estimate, although revenue of $249.5 million exceeded expectations. Analysts maintain a consensus “Reduce” rating with a $37 price target.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) announced a quarterly dividend on Thursday, October 22nd. Shareholders of record on Tuesday, November 3rd will be given a dividend of $0.47 per share by the financial services provider on Friday, November 13th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend is Tuesday, November 3rd.

First Interstate BancSystem has a payout ratio of 71.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect First Interstate BancSystem to earn $2.85 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 66.0%.

First Interstate BancSystem Price Performance

Shares of NASDAQ:FIBK opened at $36.88 on Friday. First Interstate BancSystem has a 12 month low of $29.39 and a 12 month high of $40.60. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 10.98 and a beta of 0.73. The stock's 50 day moving average price is $36.55 and its 200 day moving average price is $36.55. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.27). First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%. The business had revenue of $249.50 million during the quarter, compared to analyst estimates of $247.93 million. Equities research analysts anticipate that First Interstate BancSystem will post 2.88 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on FIBK shares. Weiss Ratings reissued a "buy (b)" rating on shares of First Interstate BancSystem in a research report on Monday, September 28th. Wall Street Zen raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a research report on Saturday, October 10th. Wells Fargo & Company reaffirmed an "underweight" rating and set a $34.00 price target (down from $36.00) on shares of First Interstate BancSystem in a research note on Monday, August 10th. DA Davidson reissued a "neutral" rating and issued a $39.00 price target on shares of First Interstate BancSystem in a research note on Monday, July 27th. Finally, Benchmark upgraded First Interstate BancSystem to a "hold" rating in a report on Wednesday, September 23rd. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $37.00.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides community banking services to individuals, businesses, agricultural customers and governmental entities.

First Interstate Bank offers deposit accounts, consumer and commercial loans, mortgage lending, credit cards, cash-management and treasury-management services, online and mobile banking, and wealth-management and investment services.

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