Financial Institutions, Inc. (FISI) To Go Ex-Dividend on September 15th

Financial Institutions, Inc. (NASDAQ:FISI) announced a quarterly dividend on Wednesday, August 26th. Shareholders of record on Tuesday, September 15th will be paid a dividend of 0.32 per share by the bank on Friday, October 2nd. This represents a c) annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 15th.

Financial Institutions has raised its dividend by an average of 0.0%annually over the last three years and has increased its dividend every year for the last 1 years. Financial Institutions has a payout ratio of 33.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Financial Institutions to earn $4.35 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 29.4%.

Financial Institutions Trading Down 0.4%

FISI opened at $40.92 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The firm has a market cap of $806.53 million, a price-to-earnings ratio of 10.15 and a beta of 0.62. Financial Institutions has a 12 month low of $25.61 and a 12 month high of $42.97. The stock has a fifty day moving average price of $40.66 and a 200-day moving average price of $36.59.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $1.04 EPS for the quarter, beating the consensus estimate of $0.93 by $0.11. The business had revenue of $64.31 million during the quarter, compared to analyst estimates of $63.54 million. Financial Institutions had a net margin of 21.78% and a return on equity of 13.45%. As a group, equities research analysts anticipate that Financial Institutions will post 4.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Larson Financial Group LLC lifted its holdings in Financial Institutions by 3,150.0% during the third quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock valued at $32,000 after purchasing an additional 1,134 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Financial Institutions during the 2nd quarter worth about $38,000. Royal Bank of Canada boosted its holdings in Financial Institutions by 31.6% in the 1st quarter. Royal Bank of Canada now owns 1,290 shares of the bank’s stock worth $40,000 after buying an additional 310 shares during the last quarter. Comerica Bank increased its stake in Financial Institutions by 39.8% during the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock worth $45,000 after buying an additional 469 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Financial Institutions by 679.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after acquiring an additional 1,515 shares during the last quarter. 60.45% of the stock is owned by institutional investors and hedge funds.

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.