First Interstate Bancsystem Inc (NASDAQ:FIBK) declared a dividend on Friday, May 3rd, Fidelity reports. Shareholders of record on Monday, May 13th will be given a dividend of 0.31 per share by the financial services provider on Thursday, May 23rd. The ex-dividend date of this dividend is Friday, May 10th. This is a boost from First Interstate Bancsystem’s previous dividend of $0.20.
First Interstate Bancsystem has increased its dividend by an average of 11.9% per year over the last three years and has increased its dividend annually for the last 5 consecutive years. First Interstate Bancsystem has a payout ratio of 41.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect First Interstate Bancsystem to earn $3.33 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 37.2%.
Shares of FIBK traded up $0.71 during midday trading on Friday, hitting $42.54. 181,585 shares of the company traded hands, compared to its average volume of 199,925. First Interstate Bancsystem has a 52 week low of $34.61 and a 52 week high of $47.05. The company has a market capitalization of $2.58 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 1.52 and a beta of 1.15. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06.
First Interstate Bancsystem (NASDAQ:FIBK) last released its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.72 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.01). First Interstate Bancsystem had a net margin of 25.98% and a return on equity of 10.91%. The company had revenue of $150.50 million for the quarter, compared to the consensus estimate of $151.84 million. As a group, sell-side analysts expect that First Interstate Bancsystem will post 3.12 earnings per share for the current year.
In related news, Director Jonathan R. Scott sold 15,670 shares of the stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $41.14, for a total value of $644,663.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Philip G. Gaglia sold 2,112 shares of the stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $42.20, for a total transaction of $89,126.40. Following the completion of the transaction, the insider now directly owns 3,184 shares of the company’s stock, valued at approximately $134,364.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,986 shares of company stock valued at $826,645. 24.93% of the stock is owned by insiders.
FIBK has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of First Interstate Bancsystem from a “hold” rating to a “sell” rating in a report on Thursday, March 21st. Piper Jaffray Companies set a $47.00 price target on shares of First Interstate Bancsystem and gave the company a “buy” rating in a report on Tuesday, April 9th. Finally, BidaskClub downgraded shares of First Interstate Bancsystem from a “hold” rating to a “sell” rating in a report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $45.65.
About First Interstate Bancsystem
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. Its deposit products include checking, savings, time, and demand deposits; and repurchase agreements primarily for commercial and municipal depositors.
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