Financial Institutions, Inc. (FISI) to Issue Quarterly Dividend of $0.30 on July 2nd

Financial Institutions, Inc. (NASDAQ:FISI) declared a quarterly dividend on Wednesday, May 22nd, Zacks reports. Stockholders of record on Friday, June 14th will be given a dividend of 0.30 per share by the bank on Tuesday, July 2nd. This represents a $1.20 annualized dividend and a dividend yield of 6.65%. The ex-dividend date is Friday, June 14th.

Financial Institutions has raised its dividend by an average of 4.9% annually over the last three years and has increased its dividend every year for the last 13 years. Financial Institutions has a payout ratio of 38.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Financial Institutions to earn $3.01 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 39.9%.

Financial Institutions Price Performance

Shares of FISI stock traded down $0.05 during mid-day trading on Friday, hitting $18.04. The company had a trading volume of 2,725 shares, compared to its average volume of 52,619. Financial Institutions has a 52-week low of $15.22 and a 52-week high of $23.11. The stock’s 50 day moving average price is $17.97 and its 200-day moving average price is $19.01. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market capitalization of $278.72 million, a P/E ratio of 7.21 and a beta of 0.88.

Financial Institutions (NASDAQ:FISI) last released its earnings results on Thursday, April 25th. The bank reported $0.11 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.55). Financial Institutions had a return on equity of 9.66% and a net margin of 11.53%. The company had revenue of $50.98 million during the quarter, compared to analysts’ expectations of $50.48 million. Equities research analysts forecast that Financial Institutions will post 2.78 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FISI has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $23.00 price objective on shares of Financial Institutions in a research report on Tuesday, April 2nd. Piper Sandler reiterated a “neutral” rating and set a $19.00 price objective (down previously from $23.00) on shares of Financial Institutions in a research report on Monday, March 25th. Four research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $20.67.

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.