Financial Institutions, Inc. to Issue Quarterly Dividend of $0.30 (NASDAQ:FISI)

Financial Institutions, Inc. (NASDAQ:FISI) announced a quarterly dividend on Thursday, November 21st,Wall Street Journal reports. Stockholders of record on Friday, December 13th will be given a dividend of 0.30 per share by the bank on Thursday, January 2nd. This represents a $1.20 annualized dividend and a dividend yield of 4.37%. The ex-dividend date of this dividend is Friday, December 13th.

Financial Institutions has raised its dividend by an average of 4.9% annually over the last three years and has raised its dividend every year for the last 13 years. Financial Institutions has a payout ratio of 38.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Financial Institutions to earn $3.04 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 39.5%.

Financial Institutions Price Performance

NASDAQ FISI opened at $27.46 on Friday. The business’s fifty day moving average is $25.57 and its 200 day moving average is $22.63. Financial Institutions has a fifty-two week low of $16.29 and a fifty-two week high of $28.12. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $424.81 million, a PE ratio of 8.30 and a beta of 0.90.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings data on Thursday, October 24th. The bank reported $0.84 EPS for the quarter, topping the consensus estimate of $0.76 by $0.08. The firm had revenue of $50.12 million for the quarter. Financial Institutions had a return on equity of 11.32% and a net margin of 13.72%. During the same period last year, the business earned $0.88 EPS. Sell-side analysts predict that Financial Institutions will post 3.6 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on FISI shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $25.00 price target (up previously from $20.00) on shares of Financial Institutions in a report on Monday, July 29th. StockNews.com cut shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd.

About Financial Institutions

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.