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

Financial Institutions, Inc. (NASDAQ:FISI) declared a quarterly dividend on Thursday, February 12th. Stockholders 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) annualized dividend and a dividend 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 increased its dividend payment by an average of 0.0%per year over the last three years and has increased its dividend every year for the last 1 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 Stock Performance

NASDAQ:FISI opened at $34.07 on Friday. Financial Institutions has a fifty-two week low of $20.97 and a fifty-two week high of $35.47. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.87 and a current ratio of 0.87. The company has a 50 day moving average price of $32.40 and a 200 day moving average price of $29.24. The stock has a market capitalization of $685.83 million, a P/E ratio of 9.44 and a beta of 0.70.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings results on Thursday, January 29th. The bank reported $0.96 EPS for the quarter, topping 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 business had revenue of $64.12 million during the quarter, compared to analyst estimates of $62.99 million. Equities research analysts forecast that Financial Institutions will post 3.3 EPS for the current year.

About Financial Institutions

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.