Financial Institutions, Inc. Boosts Dividend to Support Growth
Financial Institutions, Inc. Declares Increased Dividend for Shareholders
Financial Institutions, Inc. (NASDAQ: FISI), the parent company of Five Star Bank and Courier Capital, has announced an increase in its quarterly cash dividend. This decision reflects the company's sustained commitment to generating long-term value for its shareholders.
Details of the Dividend Increase
On a recent meeting held by its Board of Directors, Financial Institutions, Inc. approved a quarterly cash dividend of $0.31 per outstanding common share. This marks an increase of $0.01 or 3.3% from the previous quarter, which is a significant move toward enhancing return for its shareholders.
According to President and CEO Martin K. Birmingham, "The increase in our quarterly cash dividend shows the Board's commitment to building shareholder value and reflects its confidence in the firm’s long-term growth strategies." This sentiment reinforces the company’s proactive approach toward enriching the investors’ experience.
Annual Yield and Preferred Stock Dividends
The newly declared cash dividend translates to an annualized yield of approximately 4.4% based on a share price of $28.00 on the declaration date. Alongside the common stock dividend, Financial Institutions, Inc. has also announced distributions for its preferred stocks. Shareholders will receive a dividend of $0.75 per share on its Series A 3% preferred stock and $2.12 per share on its Series B-1 8.48% preferred stock. These initiatives illustrate the firm’s dedication to offering tangible benefits to all classes of its shareholders.
Upcoming Dividend Payment Schedule
All dividends are set to be payable on April 2, 2025, to shareholders who are on record as of March 14, 2025. This timeline provides shareholders with clarity on when they can expect to see these dividends reflected in their portfolios.
Understanding Financial Institutions, Inc.
Financial Institutions, Inc. is a sizable financial holding company, boasting around $6.1 billion in assets as of the end of last year. Through its subsidiary, Five Star Bank, it provides a wide array of banking and lending services tailored for individuals, municipalities, and businesses. The bank's expansive footprint covers Western and Central New York and even beyond, with a commercial loan production office that services the Mid-Atlantic region.
Moreover, Courier Capital, LLC, another subsidiary, specializes in customized investment management and consulting services, catering to a diverse clientele, including individuals, families, institutions, and non-profits. This diversified approach enables Financial Institutions, Inc. to remain competitive in the financial services sector while meeting the varied needs of its customers.
Commitment to Shareholder Engagement
For further inquiries and detailed information, shareholders and interested parties can reach out to Kate Croft, the Director of Investor and External Relations, at (716) 817-5159 or via email. This open line of communication is part of the company’s commitment to keeping its stakeholders informed and engaged.
Frequently Asked Questions
What is the new dividend amount declared by Financial Institutions, Inc.?
The company has declared a new quarterly cash dividend of $0.31 per share, which is a 3.3% increase from the last quarter.
When will the dividends be payable?
The dividends are scheduled to be payable on April 2, 2025, to shareholders on record as of March 14, 2025.
What is the annualized yield of the declared dividend?
The annualized yield of the declared $0.31 cash dividend is approximately 4.4% based on a share price of $28.00.
Who should I contact for more information regarding the dividend?
Shareholders can contact Kate Croft, Director of Investor and External Relations, at (716) 817-5159 for more details.
Where can I learn more about Financial Institutions, Inc.?
Additional information about Financial Institutions, Inc. and its services can be found on their official websites such as Five-StarBank.com and FISI-Investors.com.
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