Financial Institutions, Inc. (NASDAQ:FISI) Announces Quarterly Dividend of $0.29

Financial Institutions, Inc. (NASDAQ:FISIGet Rating) declared a quarterly dividend on Monday, November 21st, Zacks reports. Stockholders of record on Friday, December 16th will be paid a dividend of 0.29 per share by the bank on Tuesday, January 3rd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.68%. The ex-dividend date is Thursday, December 15th.

Financial Institutions has increased its dividend by an average of 4.0% per year over the last three years and has raised its dividend every year for the last 11 years. Financial Institutions has a dividend payout ratio of 33.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Financial Institutions to earn $3.41 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 34.0%.

Financial Institutions Trading Up 0.4 %

NASDAQ:FISI opened at $24.80 on Wednesday. Financial Institutions has a 52-week low of $22.91 and a 52-week high of $34.43. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.20. The stock has a fifty day simple moving average of $24.72 and a 200-day simple moving average of $25.93. The company has a market capitalization of $380.43 million, a PE ratio of 6.18 and a beta of 0.90.

Institutional Trading of Financial Institutions

Large investors have recently made changes to their positions in the stock. MetLife Investment Management LLC lifted its holdings in Financial Institutions by 43.3% in the 1st quarter. MetLife Investment Management LLC now owns 9,259 shares of the bank’s stock valued at $279,000 after purchasing an additional 2,798 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Financial Institutions by 2.6% during the first quarter. BlackRock Inc. now owns 1,199,589 shares of the bank’s stock valued at $36,145,000 after buying an additional 30,179 shares during the period. Great West Life Assurance Co. Can lifted its stake in shares of Financial Institutions by 177.3% during the first quarter. Great West Life Assurance Co. Can now owns 857 shares of the bank’s stock valued at $26,000 after buying an additional 548 shares during the period. Dimensional Fund Advisors LP boosted its position in Financial Institutions by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,258,738 shares of the bank’s stock worth $37,926,000 after acquiring an additional 9,639 shares during the last quarter. Finally, Sei Investments Co. grew its stake in Financial Institutions by 171.1% in the 1st quarter. Sei Investments Co. now owns 19,847 shares of the bank’s stock worth $598,000 after acquiring an additional 12,527 shares during the period. Institutional investors and hedge funds own 68.54% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. StockNews.com raised shares of Financial Institutions from a “hold” rating to a “buy” rating in a report on Friday, November 11th. Hovde Group lowered Financial Institutions from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $33.00 to $29.00 in a research note on Monday, October 31st.

Financial Institutions Company Profile

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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 offers checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts.

Further Reading

Dividend History for Financial Institutions (NASDAQ:FISI)

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