Financial Institutions, Inc. (NASDAQ:FISI) Declares Quarterly Dividend of $0.31

Key Points

• Financial Institutions, Inc. declared a quarterly dividend of $0.31 per share, with payment scheduled for October 2nd to stockholders of record as of September 15th.
• The company has a dividend payout ratio of 32.6%, indicating that earnings sufficiently cover the dividend, and expects to maintain a similar ratio in the future.
• Financial Institutions reported earnings of $0.85 per share for the last quarter, exceeding analysts' expectations of $0.78, despite a slight revenue miss.

Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report) announced a quarterly dividend on Monday, August 25th, RTT News reports. Stockholders of record on Monday, September 15th will be paid a dividend of 0.31 per share by the bank on Thursday, October 2nd. This represents a c) dividend on an annualized basis and a dividend yield of 4.6%.

Financial Institutions has a dividend payout ratio of 32.6% indicating that 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

FISI traded down $0.06 on Monday, reaching $27.14. The company had a trading volume of 105,334 shares, compared to its average volume of 142,046. Financial Institutions has a fifty-two week low of $20.97 and a fifty-two week high of $29.78. The stock has a market cap of $546.33 million, a P/E ratio of -17.86 and a beta of 0.79. The company's fifty day moving average is $26.12 and its 200 day moving average is $25.83. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.87 and a current ratio of 0.87.

Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its earnings results on Thursday, July 24th. The bank reported $0.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.07. The firm had revenue of $59.74 million for the quarter, compared to analyst estimates of $59.86 million. Financial Institutions had a negative net margin of 4.96% and a positive return on equity of 10.44%. As a group, analysts predict that Financial Institutions will post 3.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of Financial Institutions from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Financial Institutions has a consensus rating of "Moderate Buy" and a consensus target price of $33.00.

Financial Institutions Company Profile

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.

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