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

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

Financial Institutions has increased its dividend payment 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 38.1% indicating that its dividend is sufficiently covered by earnings. 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

Shares of FISI opened at $27.46 on Friday. Financial Institutions has a twelve month low of $16.29 and a twelve month high of $28.12. The company has a market capitalization of $424.81 million, a P/E ratio of 8.30 and a beta of 0.90. The firm has a 50 day moving average of $25.57 and a 200 day moving average of $22.63. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.26.

Financial Institutions (NASDAQ:FISI) last posted its earnings results on Thursday, October 24th. The bank reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.08. The business had revenue of $50.12 million during the quarter. Financial Institutions had a return on equity of 11.32% and a net margin of 13.72%. During the same period in the previous year, the business posted $0.88 EPS. As a group, equities research analysts anticipate that Financial Institutions will post 3.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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