Financial Institutions, Inc. (NASDAQ:FISI) to Issue $0.31 Quarterly Dividend

Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report) declared a quarterly dividend on Wednesday, May 28th, RTT News reports. Investors of record on Friday, June 13th will be paid a dividend of 0.31 per share by the bank on Wednesday, July 2nd. This represents a $1.24 annualized dividend and a dividend yield of 4.80%. The ex-dividend date is Friday, June 13th.

Financial Institutions has increased its dividend by an average of 3.6% annually over the last three years and has increased its dividend every year for the last 1 years. Financial Institutions has a 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 Price Performance

Shares of FISI traded up $0.10 during midday trading on Friday, hitting $25.82. 82,453 shares of the company traded hands, compared to its average volume of 105,113. The stock has a 50-day moving average of $24.63 and a 200-day moving average of $26.30. The firm has a market cap of $519.24 million, a P/E ratio of -17.81 and a beta of 0.70. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.86 and a quick ratio of 0.86. Financial Institutions has a one year low of $16.81 and a one year high of $29.79.

Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The bank reported $0.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.07. Financial Institutions had a negative net margin of 6.69% and a positive return on equity of 11.12%. The company had revenue of $57.24 million for the quarter, compared to analysts' expectations of $57.14 million. As a group, sell-side analysts predict that Financial Institutions will post 3.3 EPS for the current fiscal year.

Analyst Ratings Changes

FISI has been the subject of several recent analyst reports. Keefe, Bruyette & Woods raised Financial Institutions from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $29.00 to $34.00 in a report on Monday, February 3rd. Stephens reissued an "equal weight" rating and issued a $32.00 price objective on shares of Financial Institutions in a research note on Tuesday, March 11th. Finally, Wall Street Zen lowered Financial Institutions from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Financial Institutions by 30.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank's stock valued at $283,000 after acquiring an additional 2,617 shares during the period. Empowered Funds LLC lifted its position in shares of Financial Institutions by 7.1% in the first quarter. Empowered Funds LLC now owns 74,841 shares of the bank's stock worth $1,868,000 after buying an additional 4,979 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Financial Institutions by 12.2% in the first quarter. AQR Capital Management LLC now owns 97,206 shares of the bank's stock worth $2,426,000 after purchasing an additional 10,590 shares during the period. Finally, Jane Street Group LLC bought a new position in Financial Institutions during the first quarter valued at about $375,000. Hedge funds and other institutional investors own 60.45% of the company's stock.

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.