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

Financial Institutions, Inc. (NASDAQ:FISI) announced a quarterly dividend on Monday, August 19th, Zacks reports. Investors of record on Friday, September 13th will be given a dividend of 0.30 per share by the bank on Wednesday, October 2nd. This represents a $1.20 annualized dividend and a yield of 4.88%. The ex-dividend date of this dividend is Friday, September 13th.

Financial Institutions has raised its dividend by an average of 4.9% per year over the last three years and has raised its dividend every year for the last 13 years. Financial Institutions has a dividend payout ratio of 37.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Financial Institutions to earn $3.05 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 39.3%.

Financial Institutions Stock Down 3.0 %

Shares of FISI stock opened at $24.57 on Thursday. Financial Institutions has a 12 month low of $15.22 and a 12 month high of $27.75. The company has a 50 day simple moving average of $23.66 and a two-hundred day simple moving average of $19.98. The stock has a market cap of $379.53 million, a P/E ratio of 9.79 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.28.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Thursday, July 25th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.92. The business had revenue of $102.80 million during the quarter. Financial Institutions had a net margin of 13.95% and a return on equity of 12.06%. During the same period last year, the business earned $0.91 earnings per share. On average, research analysts expect that Financial Institutions will post 3.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FISI shares. StockNews.com upgraded shares of Financial Institutions from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $25.00 price target (up previously from $20.00) on shares of Financial Institutions in a research report on Monday, July 29th.

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.