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

Financial Institutions, Inc. (NASDAQ:FISI) announced a quarterly dividend on Wednesday, August 26th. Stockholders of record on Tuesday, September 15th will be given a dividend of 0.32 per share by the bank on Friday, October 2nd. This represents a c) annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 15th.

Financial Institutions has raised its dividend 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. Research analysts expect Financial Institutions to earn $4.35 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 29.4%.

Financial Institutions Stock Performance

FISI opened at $40.80 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. Financial Institutions has a 52-week low of $25.61 and a 52-week high of $42.97. The firm has a market cap of $804.17 million, a P/E ratio of 10.12 and a beta of 0.63. The business’s fifty day moving average is $40.09 and its 200-day moving average is $36.04.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. Financial Institutions had a return on equity of 13.45% and a net margin of 21.78%.The business had revenue of $64.31 million during the quarter, compared to the consensus estimate of $63.54 million. Sell-side analysts expect that Financial Institutions will post 4.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC lifted its holdings in shares of Financial Institutions by 3,150.0% in the third quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock worth $32,000 after acquiring an additional 1,134 shares during the last quarter. Royal Bank of Canada increased its position in Financial Institutions by 31.6% during the 1st quarter. Royal Bank of Canada now owns 1,290 shares of the bank’s stock worth $40,000 after purchasing an additional 310 shares in the last quarter. Comerica Bank lifted its stake in Financial Institutions by 39.8% in the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after purchasing an additional 469 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Financial Institutions by 679.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after purchasing an additional 1,515 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its position in Financial Institutions by 44.8% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock valued at $50,000 after buying an additional 497 shares in the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.

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.