Financial Institutions, Inc. (NASDAQ:FISI) Plans Quarterly Dividend of $0.29

Financial Institutions, Inc. (NASDAQ:FISIGet Rating) announced a quarterly dividend on Wednesday, May 25th, Zacks reports. Shareholders of record on Friday, June 17th will be given a dividend of 0.29 per share by the bank on Tuesday, July 5th. This represents a $1.16 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend is Thursday, June 16th.

Financial Institutions has increased its dividend by an average of 4.0% per year over the last three years and has raised its dividend annually for the last 13 consecutive years. Financial Institutions has a payout ratio of 34.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Financial Institutions to earn $3.78 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 30.7%.

FISI stock opened at $27.71 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.17. The company’s 50-day moving average price is $28.94 and its 200 day moving average price is $31.06. Financial Institutions has a 52 week low of $26.22 and a 52 week high of $34.43. The company has a market cap of $423.94 million, a P/E ratio of 6.24 and a beta of 1.04.

Financial Institutions (NASDAQ:FISIGet Rating) last released its quarterly earnings results on Wednesday, April 27th. The bank reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.17. The business had revenue of $50.88 million during the quarter, compared to the consensus estimate of $49.61 million. Financial Institutions had a return on equity of 15.44% and a net margin of 33.70%. During the same quarter in the previous year, the company posted $1.27 EPS. On average, equities research analysts expect that Financial Institutions will post 3.47 earnings per share for the current year.

FISI has been the subject of several research reports. Zacks Investment Research raised Financial Institutions from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Monday, May 2nd. StockNews.com downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Monday.

Several institutional investors have recently added to or reduced their stakes in FISI. Dimensional Fund Advisors LP boosted its holdings in shares of Financial Institutions by 0.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,258,738 shares of the bank’s stock valued at $37,926,000 after buying an additional 9,639 shares during the period. BlackRock Inc. boosted its holdings in shares of Financial Institutions by 2.6% in the 1st quarter. BlackRock Inc. now owns 1,199,589 shares of the bank’s stock valued at $36,145,000 after buying an additional 30,179 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Financial Institutions by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 763,342 shares of the bank’s stock valued at $22,999,000 after buying an additional 6,878 shares during the period. State Street Corp boosted its stake in Financial Institutions by 30.6% during the 1st 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 during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Financial Institutions by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 237,780 shares of the bank’s stock valued at $7,562,000 after purchasing an additional 3,511 shares during the period. Institutional investors own 68.82% of the company’s stock.

Financial Institutions Company Profile (Get Rating)

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.

Featured Stories

Dividend History for Financial Institutions (NASDAQ:FISI)

Receive News & Ratings for Financial Institutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Financial Institutions and related companies with MarketBeat.com's FREE daily email newsletter.