Financial Institutions (NASDAQ:FISI) Hits New 52-Week High – Here’s Why
by Tristan Rich · The Markets DailyFinancial Institutions, Inc. (NASDAQ:FISI – Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $38.62 and last traded at $38.52, with a volume of 116476 shares. The stock had previously closed at $37.89.
Wall Street Analyst Weigh In
FISI has been the topic of several recent research reports. Weiss Ratings raised Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research note on Thursday, March 12th. Wall Street Zen cut Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Financial Institutions presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.
Read Our Latest Research Report on FISI
Financial Institutions Stock Performance
The stock’s 50-day moving average price is $35.70 and its 200 day moving average price is $33.45. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $760.31 million, a P/E ratio of 10.01 and a beta of 0.64.
Financial Institutions (NASDAQ:FISI – Get Free Report) last announced its earnings results on Thursday, April 23rd. The bank reported $1.04 EPS for the quarter, topping the consensus estimate of $0.92 by $0.12. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. The business had revenue of $62.67 million during the quarter, compared to analysts’ expectations of $62.76 million. As a group, equities analysts predict that Financial Institutions, Inc. will post 3.96 EPS for the current year.
Financial Institutions Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Friday, June 12th. Financial Institutions’s dividend payout ratio is currently 33.33%.
Institutional Trading of Financial Institutions
A number of hedge funds and other institutional investors have recently modified their holdings of FISI. AQR Capital Management LLC boosted its position in Financial Institutions by 12.2% during 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position 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 during the last quarter. Empowered Funds LLC raised its stake in shares of Financial Institutions by 7.1% during 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 in the last quarter. Jane Street Group LLC bought a new stake in shares of Financial Institutions during the 1st quarter worth approximately $375,000. Finally, Creative Planning boosted its holdings in shares of Financial Institutions by 28.7% in the 2nd quarter. Creative Planning now owns 17,072 shares of the bank’s stock valued at $438,000 after buying an additional 3,809 shares during the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.
About Financial Institutions
Financial Institutions, Inc (NASDAQ: FISI) is a non-diversified, closed-end management investment company that seeks to provide tax-advantaged income to shareholders. The company invests primarily in investment-grade municipal obligations issued by states, municipalities and government agencies across the United States. By focusing on high-credit-quality bonds, Financial Institutions aims to deliver current income that is exempt from federal income tax.
In constructing its portfolio, the company may also utilize money market instruments and repurchase agreements to manage liquidity and facilitate efficient settlement.