Financial Institutions, Inc. (FISI) to Issue Quarterly Dividend of $0.30 on October 2nd

Financial Institutions, Inc. (NASDAQ:FISI) announced a quarterly dividend on Monday, August 19th, Zacks reports. Investors of record on Friday, September 13th will be given a dividend of 0.30 per share by the bank on Wednesday, October 2nd. This represents a $1.20 annualized dividend and a yield of 4.96%. The ex-dividend date of this dividend is Friday, September 13th.

Financial Institutions has raised its dividend by an average of 4.9% per year over the last three years and has raised its dividend every year for the last 13 years. Financial Institutions has a payout ratio of 37.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Financial Institutions to earn $3.02 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 39.7%.

Financial Institutions Stock Performance

FISI stock traded down $0.07 during trading on Wednesday, reaching $24.17. 2,803 shares of the company’s stock were exchanged, compared to its average volume of 54,841. Financial Institutions has a 1-year low of $15.22 and a 1-year high of $27.75. The firm has a market cap of $373.35 million, a PE ratio of 9.66 and a beta of 0.90. The company’s fifty day moving average price is $21.32 and its 200-day moving average price is $19.28. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.29.

Financial Institutions (NASDAQ:FISI) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.92. The business had revenue of $102.80 million for the quarter. Financial Institutions had a net margin of 13.95% and a return on equity of 12.29%. During the same quarter in the prior year, the firm earned $0.91 earnings per share. On average, research analysts expect that Financial Institutions will post 3.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FISI. StockNews.com raised Financial Institutions from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $25.00 price target (up previously from $20.00) on shares of Financial Institutions in a research note on Monday, July 29th.

Financial Institutions Company Profile

Financial Institutions, Inc operates as a holding company for the Five Star Bank, a chartered bank that provides banking and financial services to individuals, municipalities, and businesses in New York. The company provides checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts, as well as NOW accounts.