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

Financial Institutions, Inc. (NASDAQ:FISI) announced a quarterly dividend on Thursday, February 12th. Stockholders of record on Friday, March 13th will be given a dividend of 0.32 per share by the bank on Thursday, April 2nd. This represents a c) dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Friday, March 13th. This is a 3.2% increase from Financial Institutions’s previous quarterly dividend of $0.31.

Financial Institutions has increased its dividend by an average of 0.0%per year over the last three years and has increased its dividend every year for the last 1 years. Financial Institutions has a payout ratio of 32.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Financial Institutions to earn $3.76 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 33.0%.

Financial Institutions Stock Down 1.0%

Shares of Financial Institutions stock opened at $34.07 on Friday. Financial Institutions has a 52-week low of $20.97 and a 52-week high of $35.47. The firm’s 50 day moving average price is $32.40 and its 200-day moving average price is $29.24. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.19. The company has a market cap of $685.83 million, a P/E ratio of 9.44 and a beta of 0.70.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings results on Thursday, January 29th. The bank reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.01. The business had revenue of $64.12 million for the quarter, compared to analyst estimates of $62.99 million. Financial Institutions had a net margin of 19.81% and a return on equity of 12.75%. On average, sell-side analysts predict that Financial Institutions will post 3.3 EPS for the current fiscal year.

About Financial Institutions

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.