Wall Street Zen Upgrades Financial Institutions (NASDAQ:FISI) to “Buy”

by · The Markets Daily

Financial Institutions (NASDAQ:FISI – Get Free Report) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

Several other research firms also recently issued reports on FISI. Piper Sandler reaffirmed a “neutral” rating and set a $36.00 price objective (up previously from $34.00) on shares of Financial Institutions in a report on Monday, February 2nd. Weiss Ratings restated a “hold (c-)” rating on shares of Financial Institutions in a research report on Monday, December 29th. Keefe, Bruyette & Woods raised their price target on Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, February 2nd. Finally, Zacks Research upgraded Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $35.33.

Get Our Latest Analysis on FISI

Financial Institutions Stock Up 1.0%

Shares of NASDAQ:FISI opened at $34.41 on Friday. Financial Institutions has a 12 month low of $20.97 and a 12 month high of $35.47. The company’s 50-day moving average price is $32.47 and its two-hundred day moving average price is $29.34. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.19. The firm has a market cap of $692.67 million, a P/E ratio of 9.53 and a beta of 0.70.

Financial Institutions (NASDAQ:FISI – Get Free Report) last announced its earnings results on Thursday, January 29th. The bank reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Financial Institutions had a net margin of 19.81% and a return on equity of 12.75%. The company had revenue of $64.12 million during the quarter, compared to the consensus estimate of $62.99 million. As a group, research analysts forecast that Financial Institutions will post 3.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Financial Institutions

Institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC raised its position in shares of Financial Institutions by 3,150.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock valued at $32,000 after acquiring an additional 1,134 shares during the period. Comerica Bank increased its stake in Financial Institutions by 39.8% in the third quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after purchasing an additional 469 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Financial Institutions by 679.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock worth $45,000 after purchasing an additional 1,515 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in Financial Institutions by 44.8% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock worth $50,000 after purchasing an additional 497 shares during the period. Finally, Advisory Services Network LLC acquired a new position in shares of Financial Institutions in the 3rd quarter valued at $53,000. 60.45% of the stock is currently owned by institutional investors and hedge funds.

Financial Institutions Company Profile

(Get Free Report)

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.

Further Reading