Financial Institutions, Inc. (FISI) to Issue Quarterly Dividend of $0.32 on July 2nd

Financial Institutions, Inc. (NASDAQ:FISI) declared 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) annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, June 12th.

Financial Institutions has raised its dividend by an average of 0.0%annually over the last three years and has increased its dividend annually for the last 1 consecutive years. Financial Institutions has a dividend payout ratio of 33.7% indicating that its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of FISI stock opened at $37.54 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. The firm’s 50-day moving average is $34.63 and its two-hundred day moving average is $32.88. Financial Institutions has a 12 month low of $24.41 and a 12 month high of $38.46. The company has a market capitalization of $739.16 million, a PE ratio of 9.78 and a beta of 0.64.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, April 23rd. The bank reported $1.04 EPS 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 company had revenue of $62.67 million for the quarter, compared to the consensus estimate of $62.76 million. Analysts predict that Financial Institutions will post 3.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FISI has been the topic of a number of analyst reports. Weiss Ratings raised shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research note on Thursday, March 12th. Wall Street Zen downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.