Financial Institutions, Inc. (FISI) To Go Ex-Dividend on March 13th

Financial Institutions, Inc. (NASDAQ:FISI) announced a quarterly dividend on Thursday, February 12th. Investors of record on Friday, March 13th will be paid a dividend of 0.32 per share by the bank on Thursday, April 2nd. This represents a c) annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Friday, March 13th. This is a 3.2% increase from Financial Institutions’s previous quarterly dividend of $0.31.

Financial Institutions has raised 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 33.7% 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 $1.28 annual dividend with an expected future payout ratio of 34.0%.

Financial Institutions Trading Up 0.1%

Shares of Financial Institutions stock opened at $30.76 on Wednesday. Financial Institutions has a 52-week low of $20.97 and a 52-week high of $35.47. The stock’s 50-day simple moving average is $32.58 and its 200 day simple moving average is $30.15. The stock has a market capitalization of $619.23 million, a P/E ratio of 8.52 and a beta of 0.69. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.87 and a current ratio of 0.87.

Financial Institutions (NASDAQ:FISI) last posted its earnings results on Thursday, January 29th. The bank reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.01. Financial Institutions had a net margin of 19.81% and a return on equity of 12.75%. The firm had revenue of $64.12 million during the quarter, compared to the consensus estimate of $62.99 million. As a group, research analysts anticipate that Financial Institutions will post 3.3 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Financial Institutions in a report on Monday, December 29th. Keefe, Bruyette & Woods boosted their price objective on Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Piper Sandler restated a “neutral” rating and issued a $36.00 target price (up from $34.00) on shares of Financial Institutions in a research note on Monday, February 2nd. Zacks Research upgraded Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Finally, Wall Street Zen raised shares of Financial Institutions from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Financial Institutions currently has a consensus rating of “Hold” 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.