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

Financial Institutions, Inc. (NASDAQ:FISI) declared a quarterly dividend on Wednesday, May 13th. Investors of record on Friday, June 12th will be paid 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 of this dividend is Friday, June 12th.

Financial Institutions has raised its dividend payment by an average of 0.0%per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Financial Institutions has a dividend payout ratio of 33.7% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

Shares of NASDAQ FISI opened at $37.54 on Wednesday. Financial Institutions has a fifty-two week low of $24.41 and a fifty-two week high of $38.46. The company has a 50 day simple moving average of $34.63 and a two-hundred day simple moving average of $32.88. The company has a market capitalization of $739.16 million, a price-to-earnings ratio of 9.78 and a beta of 0.64. 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 results on Thursday, April 23rd. The bank reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.12. Financial Institutions had a return on equity of 13.08% and a net margin of 20.85%.The firm had revenue of $62.67 million for the quarter, compared to analysts’ expectations of $62.76 million. Analysts expect that Financial Institutions will post 3.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FISI. Thrivent Financial for Lutherans raised its position in Financial Institutions by 412.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 53,366 shares of the bank’s stock worth $1,451,000 after buying an additional 42,957 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Financial Institutions by 10.2% in the third quarter. JPMorgan Chase & Co. now owns 377,740 shares of the bank’s stock worth $10,275,000 after acquiring an additional 34,906 shares during the period. ProShare Advisors LLC grew its stake in shares of Financial Institutions by 94.6% in the third quarter. ProShare Advisors LLC now owns 459,798 shares of the bank’s stock worth $12,507,000 after acquiring an additional 223,478 shares during the period. PL Capital Advisors LLC raised its holdings in shares of Financial Institutions by 1.6% during the fourth quarter. PL Capital Advisors LLC now owns 1,802,791 shares of the bank’s stock valued at $56,193,000 after purchasing an additional 27,905 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in Financial Institutions during the third quarter valued at approximately $497,000. Hedge funds and other institutional investors own 60.45% of the company’s stock.

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.