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

Financial Institutions, Inc. (NASDAQ:FISIGet Free Report) announced a quarterly dividend on Tuesday, February 13th, Zacks reports. Shareholders of record on Friday, March 15th will be paid a dividend of 0.30 per share by the bank on Tuesday, April 2nd. This represents a $1.20 annualized dividend and a yield of 6.48%. The ex-dividend date is Thursday, March 14th.

Financial Institutions has increased its dividend payment by an average of 4.9% annually over the last three years and has increased its dividend every year for the last 13 years. Financial Institutions has a payout ratio of 37.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Financial Institutions to earn $3.14 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 38.2%.

Financial Institutions Stock Down 3.6 %

Shares of NASDAQ FISI opened at $18.52 on Tuesday. The firm’s 50-day moving average price is $20.14 and its 200-day moving average price is $18.58. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $285.21 million, a price-to-earnings ratio of 5.86 and a beta of 0.86. Financial Institutions has a 12-month low of $13.84 and a 12-month high of $23.11.

Financial Institutions (NASDAQ:FISIGet Free Report) last issued its quarterly earnings results on Thursday, January 25th. The bank reported $0.61 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.12). The firm had revenue of $55.25 million for the quarter, compared to the consensus estimate of $50.29 million. Financial Institutions had a net margin of 15.03% and a return on equity of 12.51%. On average, equities research analysts anticipate that Financial Institutions will post 2.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Financial Institutions

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in shares of Financial Institutions by 1.6% during the second quarter. BlackRock Inc. now owns 1,377,860 shares of the bank’s stock valued at $21,688,000 after purchasing an additional 21,138 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Financial Institutions by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,258,738 shares of the bank’s stock valued at $37,926,000 after purchasing an additional 9,639 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Financial Institutions by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 768,466 shares of the bank’s stock valued at $16,368,000 after purchasing an additional 14,263 shares in the last quarter. FMR LLC boosted its stake in shares of Financial Institutions by 2.0% during the second quarter. FMR LLC now owns 732,292 shares of the bank’s stock valued at $19,054,000 after purchasing an additional 14,119 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Financial Institutions by 30.6% during the first quarter. State Street Corp now owns 494,212 shares of the bank’s stock valued at $15,002,000 after purchasing an additional 115,703 shares in the last quarter. 63.87% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, TheStreet upgraded shares of Financial Institutions from a “c+” rating to a “b-” rating in a report on Thursday, December 28th.

Check Out Our Latest Stock Analysis on Financial Institutions

Financial Institutions Company Profile

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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 offers 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.

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Dividend History for Financial Institutions (NASDAQ:FISI)

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