Financial Institutions (NASDAQ:FISI) Reaches New 12-Month High – Here’s What Happened

by · The Markets Daily

Shares of Financial Institutions, Inc. (NASDAQ:FISI – Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $42.60 and last traded at $42.42, with a volume of 10977 shares. The stock had previously closed at $41.46.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Financial Institutions in a report on Monday, July 6th. Piper Sandler reiterated a “neutral” rating and set a $45.00 target price on shares of Financial Institutions in a research report on Monday. Keefe, Bruyette & Woods lifted their target price on shares of Financial Institutions from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Finally, Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Financial Institutions presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Read Our Latest Research Report on FISI

Financial Institutions Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $831.21 million, a P/E ratio of 10.47 and a beta of 0.63. The business has a 50 day moving average of $38.34 and a 200-day moving average of $34.92.

Financial Institutions (NASDAQ:FISI – Get Free Report) last issued its earnings results on Thursday, July 23rd. The bank reported $1.04 EPS for the quarter, topping the consensus estimate of $0.93 by $0.11. The business had revenue of $64.31 million during the quarter, compared to the consensus estimate of $63.54 million. Financial Institutions had a return on equity of 13.54% and a net margin of 21.78%. On average, sell-side analysts predict that Financial Institutions, Inc. will post 3.96 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, June 12th. Financial Institutions’s dividend payout ratio is presently 31.76%.

Institutional Trading of Financial Institutions

A number of hedge funds and other institutional investors have recently bought and sold shares of FISI. Hillsdale Investment Management Inc. purchased a new stake in shares of Financial Institutions in the 1st quarter valued at about $7,391,000. PL Capital Advisors LLC increased its stake in Financial Institutions by 1.6% in the fourth quarter. PL Capital Advisors LLC now owns 1,802,791 shares of the bank’s stock valued at $56,193,000 after acquiring an additional 27,905 shares during the last quarter. Strs Ohio purchased a new position in shares of Financial Institutions during the 1st quarter valued at about $596,000. GSA Capital Partners LLP raised its stake in shares of Financial Institutions by 54.9% during the fourth quarter. GSA Capital Partners LLP now owns 28,305 shares of the bank’s stock worth $882,000 after acquiring an additional 10,031 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Financial Institutions in the fourth quarter worth $260,000. Institutional investors own 60.45% of the company’s stock.

About Financial Institutions

(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.

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