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

Financial Institutions, Inc. (NASDAQ:FISI) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $39.27 and last traded at $38.5340, with a volume of 927732 shares. The stock had previously closed at $38.93.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on FISI shares. Weiss Ratings upgraded shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research report 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 research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Financial Institutions Stock Down 1.1%

The business has a fifty day simple moving average of $35.88 and a 200 day simple moving average of $33.56. The firm has a market cap of $757.75 million, a price-to-earnings ratio of 10.04 and a beta of 0.64. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86.

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

Financial Institutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Friday, June 12th. Financial Institutions’s payout ratio is 33.33%.

Hedge Funds Weigh In On Financial Institutions

Hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada boosted its position in Financial Institutions by 31.6% during the first quarter. Royal Bank of Canada now owns 1,290 shares of the bank’s stock worth $40,000 after acquiring an additional 310 shares during the last quarter. Comerica Bank lifted its stake in Financial Institutions by 39.8% in the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock worth $45,000 after purchasing an additional 469 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Financial Institutions by 44.8% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock worth $50,000 after purchasing an additional 497 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Financial Institutions by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 168,746 shares of the bank’s stock worth $5,260,000 after purchasing an additional 774 shares during the last quarter. Finally, Creative Planning boosted its holdings in shares of Financial Institutions by 5.0% during the 3rd quarter. Creative Planning now owns 17,922 shares of the bank’s stock worth $487,000 after purchasing an additional 850 shares during the last quarter. 60.45% of the stock is owned by hedge funds and other institutional investors.

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.