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

Key Points

• First Interstate BancSystem, Inc. declared a quarterly dividend of $0.47 per share, with a dividend yield of 6.40%, payable to stockholders on August 21st.
• The company reported earnings of $0.69 per share for the last quarter, exceeding analysts' expectations of $0.58.
• Several brokerages have upgraded the stock's rating, with Barclays raising the price target from $28.00 to $32.00, indicating market optimism about its performance.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) declared a quarterly dividend on Tuesday, July 29th, RTT News reports. Stockholders of record on Monday, August 11th will be paid a dividend of 0.47 per share by the financial services provider on Thursday, August 21st. This represents a $1.88 annualized dividend and a dividend yield of 6.40%.

First Interstate BancSystem has a dividend payout ratio of 71.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect First Interstate BancSystem to earn $2.72 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 69.1%.

First Interstate BancSystem Stock Performance

FIBK stock traded down $0.27 during trading on Tuesday, hitting $29.38. 1,021,823 shares of the company traded hands, compared to its average volume of 814,968. The stock's 50-day simple moving average is $28.57 and its 200 day simple moving average is $28.99. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.77 and a quick ratio of 0.77. The company has a market cap of $3.08 billion, a PE ratio of 13.92 and a beta of 0.79. First Interstate BancSystem has a 1 year low of $22.95 and a 1 year high of $36.77.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.11. First Interstate BancSystem had a return on equity of 6.57% and a net margin of 14.93%. On average, equities analysts expect that First Interstate BancSystem will post 2.53 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Susan Scott Heyneman Trust, Su sold 55,000 shares of the business's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $31.11, for a total value of $1,711,050.00. Following the sale, the insider owned 584,256 shares in the company, valued at approximately $18,176,204.16. The trade was a 8.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 8.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FIBK. Jane Street Group LLC purchased a new position in shares of First Interstate BancSystem in the 1st quarter valued at about $5,125,000. AQR Capital Management LLC increased its holdings in shares of First Interstate BancSystem by 37.2% in the 1st quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider's stock valued at $1,926,000 after acquiring an additional 18,210 shares during the last quarter. Intech Investment Management LLC increased its holdings in shares of First Interstate BancSystem by 47.9% in the 1st quarter. Intech Investment Management LLC now owns 52,558 shares of the financial services provider's stock valued at $1,506,000 after acquiring an additional 17,016 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of First Interstate BancSystem by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,230 shares of the financial services provider's stock valued at $1,353,000 after acquiring an additional 2,070 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its holdings in shares of First Interstate BancSystem by 24,352.5% in the 1st quarter. Jones Financial Companies Lllp now owns 24,697 shares of the financial services provider's stock valued at $708,000 after acquiring an additional 24,596 shares during the last quarter. 88.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on FIBK. Wall Street Zen raised First Interstate BancSystem from a "sell" rating to a "hold" rating in a report on Saturday, May 10th. Keefe, Bruyette & Woods raised First Interstate BancSystem from a "hold" rating to a "moderate buy" rating and set a $32.00 price objective on the stock in a report on Monday, June 23rd. Barclays raised First Interstate BancSystem from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $28.00 to $32.00 in a report on Tuesday, July 8th. Finally, Wells Fargo & Company lifted their price target on First Interstate BancSystem from $25.00 to $28.00 and gave the stock an "underweight" rating in a research note on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $35.43.

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.

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