Financial Institutions, Inc. (NASDAQ:FISI) Increases Dividend to $0.32 Per Share

Financial Institutions, Inc. (NASDAQ:FISIGet Free Report) declared a quarterly dividend on Thursday, February 12th. Investors of record on Friday, March 13th will be paid a dividend of 0.32 per share by the bank on Thursday, April 2nd. This represents a c) dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Friday, March 13th. This is a 3.2% increase from Financial Institutions’s previous quarterly dividend of $0.31.

Financial Institutions has raised its dividend by an average of 0.0%per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Financial Institutions has a dividend payout ratio of 32.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Financial Institutions to earn $3.76 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 33.0%.

Financial Institutions Price Performance

Shares of NASDAQ:FISI opened at $33.82 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.87 and a quick ratio of 0.87. Financial Institutions has a 12 month low of $20.97 and a 12 month high of $35.47. The business’s 50 day simple moving average is $32.40 and its 200-day simple moving average is $29.24. The firm has a market capitalization of $680.76 million, a price-to-earnings ratio of 9.39 and a beta of 0.70.

Financial Institutions (NASDAQ:FISIGet Free Report) last posted its quarterly earnings results on Thursday, January 29th. The bank reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. Financial Institutions had a return on equity of 12.75% and a net margin of 19.81%.The company had revenue of $64.12 million during the quarter, compared to analysts’ expectations of $62.99 million. As a group, equities analysts forecast that Financial Institutions will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Company Profile

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Financial Institutions, Inc (NASDAQ: FISI) is a non-diversified, closed-end management investment company that seeks to provide tax-advantaged income to shareholders. The company invests primarily in investment-grade municipal obligations issued by states, municipalities and government agencies across the United States. By focusing on high-credit-quality bonds, Financial Institutions aims to deliver current income that is exempt from federal income tax.

In constructing its portfolio, the company may also utilize money market instruments and repurchase agreements to manage liquidity and facilitate efficient settlement.

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Dividend History for Financial Institutions (NASDAQ:FISI)

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