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

Key Points

• First Interstate BancSystem announced a quarterly dividend of $0.47 per share, payable on August 14 to shareholders of record on August 4. The dividend implies an annualized yield of about 4.9%.
• The company’s dividend appears covered by earnings, with a 71.2% payout ratio; analysts expect that to improve to about 62.7% next year based on projected earnings of $3.00 per share.
• FIBK recently beat quarterly EPS estimates, reporting $0.87 per share versus the expected $0.68, while the stock traded down 0.8% to $38.10 in Friday trading.

First Interstate BancSystem, Inc. (NASDAQ:FIBK - Get Free Report) announced a quarterly dividend on Wednesday, July 22nd. Stockholders of record on Tuesday, August 4th will be paid a dividend of 0.47 per share by the financial services provider on Friday, August 14th. This represents a c) annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Tuesday, August 4th.

First Interstate BancSystem has decreased its dividend payment by an average of 0.0%per year over the last three years. First Interstate BancSystem has a payout ratio of 71.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect First Interstate BancSystem to earn $3.00 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 62.7%.

First Interstate BancSystem Trading Down 0.8%

Shares of FIBK stock opened at $38.10 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The firm has a market cap of $3.70 billion, a P/E ratio of 12.41 and a beta of 0.76. The company has a 50 day moving average of $37.09 and a 200-day moving average of $36.01. First Interstate BancSystem has a 12-month low of $27.60 and a 12-month high of $40.60.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.68 by $0.19. First Interstate BancSystem had a return on equity of 9.13% and a net margin of 22.64%.The business had revenue of $99.10 million for the quarter, compared to the consensus estimate of $249.32 million. Sell-side analysts anticipate that First Interstate BancSystem will post 2.66 earnings per share for the current year.

Insider Buying and Selling

In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 12,892 shares of First Interstate BancSystem stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $35.58, for a total value of $458,697.36. Following the transaction, the insider directly owned 866,628 shares of the company's stock, valued at $30,834,624.24. The trade was a 1.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Julie A. Scott sold 15,000 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $35.97, for a total value of $539,550.00. Following the completion of the sale, the insider owned 488,359 shares of the company's stock, valued at $17,566,273.23. The trade was a 2.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 32,392 shares of company stock worth $1,161,552 over the last ninety days. Insiders own 8.00% of the company's stock.

Institutional Investors Weigh In On First Interstate BancSystem

Several institutional investors have recently added to or reduced their stakes in FIBK. SG Americas Securities LLC boosted its holdings in First Interstate BancSystem by 180.6% in the fourth quarter. SG Americas Securities LLC now owns 75,583 shares of the financial services provider's stock valued at $2,615,000 after acquiring an additional 48,648 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in First Interstate BancSystem in the 1st quarter worth $1,303,000. State of Alaska Department of Revenue lifted its position in shares of First Interstate BancSystem by 1,104.9% in the 4th quarter. State of Alaska Department of Revenue now owns 49,857 shares of the financial services provider's stock worth $1,724,000 after purchasing an additional 45,719 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of First Interstate BancSystem in the 4th quarter worth about $2,127,000. Finally, Vanguard Group Inc. lifted its position in shares of First Interstate BancSystem by 13.7% in the 4th quarter. Vanguard Group Inc. now owns 10,048,419 shares of the financial services provider's stock worth $347,675,000 after purchasing an additional 1,214,454 shares during the period. Hedge funds and other institutional investors own 88.71% of the company's stock.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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