Financial Institutions (NASDAQ:FISI) Reaches New 1-Year High – Here’s What Happened

Financial Institutions, Inc. (NASDAQ:FISI)’s stock price reached a new 52-week high during trading on Friday . The company traded as high as $35.73 and last traded at $35.52, with a volume of 7284 shares. The stock had previously closed at $35.37.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Piper Sandler reaffirmed a “neutral” rating and issued a $36.00 price objective (up from $34.00) on shares of Financial Institutions in a research note on Monday, February 2nd. Finally, Weiss Ratings raised shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research note on Thursday, March 12th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Financial Institutions presently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Financial Institutions Price Performance

The stock has a market capitalization of $698.46 million, a P/E ratio of 9.23 and a beta of 0.63. The business’s 50 day simple moving average is $33.20 and its two-hundred day simple moving average is $32.23. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.12. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. The firm had revenue of $62.67 million for the quarter, compared to analyst estimates of $62.76 million. As a group, sell-side analysts forecast that Financial Institutions, Inc. will post 3.96 earnings per share for the current fiscal year.

Financial Institutions Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Friday, June 12th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, June 12th. Financial Institutions’s dividend payout ratio (DPR) is presently 33.33%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FISI. PL Capital Advisors LLC lifted its position in shares of Financial Institutions by 30.4% during the third quarter. PL Capital Advisors LLC now owns 1,774,886 shares of the bank’s stock valued at $48,277,000 after purchasing an additional 413,376 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Financial Institutions by 42.4% during the fourth quarter. Wellington Management Group LLP now owns 1,049,295 shares of the bank’s stock valued at $32,707,000 after purchasing an additional 312,470 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in shares of Financial Institutions during the first quarter valued at about $7,391,000. ProShare Advisors LLC lifted its position in shares of Financial Institutions by 94.6% during the third quarter. ProShare Advisors LLC now owns 459,798 shares of the bank’s stock valued at $12,507,000 after purchasing an additional 223,478 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its position in shares of Financial Institutions by 19.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 972,043 shares of the bank’s stock valued at $30,299,000 after purchasing an additional 160,825 shares in the last quarter. 60.45% of the stock is owned by institutional investors.

Financial Institutions Company Profile

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.