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

Financial Institutions, Inc. (NASDAQ:FISI) declared a quarterly dividend on Wednesday, May 22nd, Zacks reports. Shareholders of record on Friday, June 14th will be paid a dividend of 0.30 per share by the bank on Tuesday, July 2nd. This represents a $1.20 dividend on an annualized basis and a yield of 6.65%. The ex-dividend date is Friday, June 14th.

Financial Institutions has increased its dividend by an average of 4.9% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Financial Institutions has a dividend payout ratio of 38.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Financial Institutions to earn $3.01 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 39.9%.

Financial Institutions Stock Down 0.3 %

NASDAQ FISI traded down $0.05 on Friday, reaching $18.04. The stock had a trading volume of 2,725 shares, compared to its average volume of 52,619. The business has a 50 day moving average price of $17.97 and a 200 day moving average price of $19.01. Financial Institutions has a 1 year low of $15.22 and a 1 year high of $23.11. The company has a market capitalization of $278.72 million, a price-to-earnings ratio of 7.21 and a beta of 0.88. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.29.

Financial Institutions (NASDAQ:FISI) last announced its earnings results on Thursday, April 25th. The bank reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.55). Financial Institutions had a net margin of 11.53% and a return on equity of 9.66%. The business had revenue of $50.98 million for the quarter, compared to the consensus estimate of $50.48 million. On average, analysts forecast that Financial Institutions will post 2.78 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on FISI shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $23.00 price target on shares of Financial Institutions in a report on Tuesday, April 2nd. Piper Sandler reaffirmed a “neutral” rating and issued a $19.00 price target (down previously from $23.00) on shares of Financial Institutions in a report on Monday, March 25th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat, Financial Institutions currently has an average rating of “Hold” and an average price target of $20.67.

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.