Financial Institutions, Inc. (NASDAQ:FISI) Declares $0.32 Quarterly Dividend

Financial Institutions, Inc. (NASDAQ:FISI) announced a quarterly dividend on Wednesday, May 13th. Stockholders of record on Friday, June 12th will be paid a dividend of 0.32 per share by the bank on Thursday, July 2nd. This represents a c) dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Friday, June 12th.

Financial Institutions has increased its dividend payment by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Financial Institutions has a payout ratio of 33.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Financial Institutions to earn $4.20 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 30.5%.

Financial Institutions Trading Up 0.7%

Shares of FISI opened at $37.54 on Wednesday. The firm has a market cap of $739.16 million, a price-to-earnings ratio of 9.78 and a beta of 0.64. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86. Financial Institutions has a fifty-two week low of $24.41 and a fifty-two week high of $38.46. The firm has a 50 day moving average price of $34.63 and a 200-day moving average price of $32.88.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.12. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. The firm had revenue of $62.67 million during the quarter, compared to analyst estimates of $62.76 million. As a group, equities research analysts forecast that Financial Institutions will post 3.96 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on FISI shares. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings upgraded shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a report on Thursday, March 12th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $37.00.

Financial Institutions Company Profile

Financial Institutions, Inc (NASDAQ: FISI) is a non-diversified, closed-end management investment company that seeks to provide tax-advantaged income to shareholders. The company invests primarily in investment-grade municipal obligations issued by states, municipalities and government agencies across the United States. By focusing on high-credit-quality bonds, Financial Institutions aims to deliver current income that is exempt from federal income tax.

In constructing its portfolio, the company may also utilize money market instruments and repurchase agreements to manage liquidity and facilitate efficient settlement.