Financial Institutions, Inc. (NASDAQ:FISI) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Financial Institutions, Inc. (NASDAQ:FISI) have earned an average rating of “Hold” from the four brokerages that are currently covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $37.00.

FISI has been the topic of a number of analyst reports. Zacks Research raised Financial Institutions to a “hold” rating in a report on Thursday, December 18th. Keefe, Bruyette & Woods increased their target price on Financial Institutions from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Wall Street Zen upgraded Financial Institutions from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Piper Sandler reaffirmed a “neutral” rating and set a $36.00 price objective (up from $34.00) on shares of Financial Institutions in a report on Monday, February 2nd. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Financial Institutions in a report on Monday, December 29th.

Financial Institutions Stock Down 1.2%

Shares of Financial Institutions stock opened at $30.38 on Thursday. Financial Institutions has a one year low of $20.97 and a one year high of $35.47. The company has a market cap of $611.55 million, a P/E ratio of 8.42 and a beta of 0.68. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.87 and a current ratio of 0.89. The firm has a fifty day moving average of $32.57 and a two-hundred day moving average of $30.15.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, January 29th. The bank reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. The business had revenue of $64.12 million for the quarter, compared to the consensus estimate of $62.99 million. Financial Institutions had a net margin of 19.81% and a return on equity of 12.62%. On average, analysts forecast that Financial Institutions will post 3.3 earnings per share for the current year.

Financial Institutions Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Friday, March 13th will be issued a $0.32 dividend. The ex-dividend date is Friday, March 13th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.2%. This is a boost from Financial Institutions’s previous quarterly dividend of $0.31. Financial Institutions’s payout ratio is 34.35%.

Institutional Trading of Financial Institutions

A number of institutional investors have recently added to or reduced their stakes in the stock. PL Capital Advisors LLC increased its holdings in Financial Institutions by 30.4% in the third quarter. PL Capital Advisors LLC now owns 1,774,886 shares of the bank’s stock valued at $48,277,000 after buying an additional 413,376 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Financial Institutions by 42.4% during the 4th quarter. Wellington Management Group LLP now owns 1,049,295 shares of the bank’s stock worth $32,707,000 after acquiring an additional 312,470 shares in the last quarter. Fourthstone LLC grew its holdings in shares of Financial Institutions by 54.8% in the 2nd quarter. Fourthstone LLC now owns 846,661 shares of the bank’s stock worth $21,742,000 after acquiring an additional 299,574 shares during the period. ProShare Advisors LLC purchased a new position in Financial Institutions in the 2nd quarter valued at approximately $6,069,000. Finally, Adage Capital Partners GP L.L.C. increased its stake in Financial Institutions by 19.8% in the 4th 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. Hedge funds and other institutional investors 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.