Financial Institutions, Inc. (FISI) to Issue Quarterly Dividend of $0.32 on July 2nd

Financial Institutions, Inc. (NASDAQ:FISI) declared a quarterly dividend on Wednesday, May 13th. Shareholders 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) annualized dividend and a yield of 3.4%. The ex-dividend date is Friday, June 12th.

Financial Institutions has increased its dividend payment by an average of 0.0%annually over the last three years and has raised its dividend every year for the last 1 years. Financial Institutions has a dividend payout ratio of 33.7% meaning 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 Stock Up 0.7%

Shares of NASDAQ:FISI opened at $37.54 on Wednesday. The business’s 50 day simple moving average is $34.63 and its two-hundred day simple moving average is $32.88. The firm has a market cap of $739.16 million, a P/E 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 has a 52-week low of $24.41 and a 52-week high of $38.46.

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

Institutional Trading of Financial Institutions

Institutional investors and hedge funds have recently modified their holdings of the business. Larson Financial Group LLC increased its position in shares of Financial Institutions by 3,150.0% during the third quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock valued at $32,000 after acquiring an additional 1,134 shares during the last quarter. Royal Bank of Canada increased its position in shares of Financial Institutions by 31.6% during the first quarter. Royal Bank of Canada now owns 1,290 shares of the bank’s stock valued at $40,000 after acquiring an additional 310 shares during the last quarter. Comerica Bank increased its position in shares of Financial Institutions by 39.8% during the third quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after acquiring an additional 469 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Financial Institutions by 679.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after acquiring an additional 1,515 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of Financial Institutions by 44.8% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock valued at $50,000 after acquiring an additional 497 shares during the last quarter. 60.45% of the stock is owned by hedge funds and other institutional investors.

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.