First Interstate BancSystem, Inc. (FIBK) to Issue Quarterly Dividend of $0.41 on August 19th

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

First Interstate BancSystem has a dividend 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 traded up $0.55 during midday trading on Friday, reaching $40.57. The stock had a trading volume of 594,405 shares, compared to its average volume of 581,346. First Interstate BancSystem has a 12 month low of $32.40 and a 12 month high of $45.91. The firm’s 50-day moving average price is $38.40 and its 200 day moving average price is $37.36. The firm has a market capitalization of $4.44 billion, a PE ratio of 22.29 and a beta of 0.96. The company has a quick ratio of 0.70, a current ratio of 0.71 and a debt-to-equity ratio of 0.08.

First Interstate BancSystem (NASDAQ:FIBKGet Rating) last announced its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.16). First Interstate BancSystem had a net margin of 14.78% and a return on equity of 9.11%. The firm had revenue of $288.90 million during the quarter, compared to the consensus estimate of $271.40 million. During the same quarter in the prior year, the firm posted $0.69 earnings per share. As a group, research analysts predict that First Interstate BancSystem will post 3.05 earnings per share for the current fiscal year.

Insider Transactions at First Interstate BancSystem

In other First Interstate BancSystem news, CEO Kevin P. Riley acquired 15,899 shares of the business’s stock in a transaction dated Wednesday, June 1st. The stock was bought at an average price of $37.33 per share, with a total value of $593,509.67. Following the completion of the acquisition, the chief executive officer now owns 92,555 shares of the company’s stock, valued at $3,455,078.15. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Kevin P. Riley bought 15,899 shares of the business’s stock in a transaction on Wednesday, June 1st. The stock was acquired at an average price of $37.33 per share, with a total value of $593,509.67. Following the completion of the purchase, the chief executive officer now directly owns 92,555 shares in the company, valued at $3,455,078.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Philip G. Gaglia sold 1,199 shares of the company’s stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $34.89, for a total value of $41,833.11. Following the completion of the sale, the insider now directly owns 1,687 shares of the company’s stock, valued at approximately $58,859.43. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,599 shares of company stock valued at $319,197. 6.40% of the stock is owned by corporate insiders.

Institutional Trading of First Interstate BancSystem

Institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company raised its holdings in shares of First Interstate BancSystem by 5,962.0% during the first quarter. The Manufacturers Life Insurance Company now owns 1,252,657 shares of the financial services provider’s stock valued at $46,060,000 after acquiring an additional 1,231,993 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in shares of First Interstate BancSystem by 14.4% during the first quarter. BNP Paribas Arbitrage SA now owns 22,865 shares of the financial services provider’s stock valued at $841,000 after acquiring an additional 2,872 shares in the last quarter. Nomura Holdings Inc. bought a new position in shares of First Interstate BancSystem during the first quarter valued at approximately $2,195,000. Weiss Multi Strategy Advisers LLC bought a new position in shares of First Interstate BancSystem during the first quarter valued at approximately $16,530,000. Finally, Quantamental Technologies LLC bought a new position in shares of First Interstate BancSystem during the first quarter valued at approximately $476,000. Hedge funds and other institutional investors own 69.42% of the company’s stock.

Analyst Ratings Changes

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

First Interstate BancSystem Company Profile

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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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