Financial Institutions, Inc. Plans Quarterly Dividend of $0.32 (NASDAQ:FISI)

Financial Institutions, Inc. (NASDAQ:FISI) declared a quarterly dividend on Wednesday, May 13th. Shareholders of record on Friday, June 12th will be given a dividend of 0.32 per share by the bank on Thursday, July 2nd. This represents a c) dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Friday, June 12th.

Financial Institutions has raised its dividend payment by an average of 0.0%annually 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 33.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Financial Institutions to earn $4.20 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 30.5%.

Financial Institutions Trading Up 0.7%

Shares of NASDAQ:FISI opened at $37.54 on Wednesday. The stock’s 50-day simple moving average is $34.63 and its two-hundred day simple moving average is $32.88. The stock has a market capitalization of $739.16 million, a price-to-earnings ratio of 9.78 and a beta of 0.64. Financial Institutions has a 52-week low of $24.41 and a 52-week high of $38.46. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86.

Financial Institutions (NASDAQ:FISI) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.12. The firm had revenue of $62.67 million for the quarter, compared to analysts’ expectations of $62.76 million. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. Analysts expect that Financial Institutions will post 3.96 EPS for the current year.

Financial Institutions Company Profile

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.