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

Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report) announced a quarterly dividend on Wednesday, May 28th, RTT News reports. Investors of record on Friday, June 13th will be given a dividend of 0.31 per share by the bank on Wednesday, July 2nd. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.86%. The ex-dividend date of this dividend is Friday, June 13th.

Financial Institutions has raised its dividend payment by an average of 3.6% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Financial Institutions has a dividend payout ratio of 32.6% meaning 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

FISI stock traded down $0.30 on Monday, reaching $25.52. The company had a trading volume of 75,870 shares, compared to its average volume of 105,320. Financial Institutions has a 1 year low of $16.81 and a 1 year high of $29.79. The company's fifty day moving average is $24.63 and its 200 day moving average is $26.29. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $513.21 million, a P/E ratio of -17.60 and a beta of 0.70.

Financial Institutions (NASDAQ:FISI - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The bank reported $0.81 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.07. The firm had revenue of $57.24 million during the quarter, compared to analyst estimates of $57.14 million. Financial Institutions had a positive return on equity of 11.12% and a negative net margin of 6.69%. On average, research analysts forecast that Financial Institutions will post 3.3 earnings per share for the current year.

Hedge Funds Weigh In On Financial Institutions

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

Analyst Ratings Changes

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

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.