Financial Institutions (NASDAQ:FISI) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Financial Institutions (NASDAQ:FISI) to a hold rating in a research note published on Thursday,Zacks.com reports.

FISI has been the topic of a number of other research reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Financial Institutions in a research report on Monday. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday. Piper Sandler restated a “neutral” rating and set a $34.00 price objective on shares of Financial Institutions in a research note on Wednesday. Finally, Keefe, Bruyette & Woods raised their price objective on Financial Institutions from $34.00 to $35.00 and gave the company an “outperform” rating in a report on Monday, October 27th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $33.67.

Financial Institutions Stock Performance

Shares of Financial Institutions stock opened at $32.03 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $644.76 million, a price-to-earnings ratio of -23.38 and a beta of 0.72. The stock’s 50-day moving average is $29.56 and its 200-day moving average is $27.54. Financial Institutions has a one year low of $20.97 and a one year high of $33.00.

Financial Institutions (NASDAQ:FISI) last announced its earnings results on Monday, November 3rd. The bank reported $0.99 earnings per share (EPS) for the quarter. The business had revenue of $63.85 million for the quarter. Financial Institutions had a positive return on equity of 11.10% and a negative net margin of 2.93%. Equities analysts predict that Financial Institutions will post 3.3 earnings per share for the current fiscal year.

Financial Institutions declared that its board has approved a stock buyback plan on Monday, September 22nd that allows the company to repurchase $1.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 0.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Financial Institutions Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be paid a $0.31 dividend. The ex-dividend date is Monday, December 15th. This represents a $1.24 annualized dividend and a yield of 3.9%. Financial Institutions’s payout ratio is -90.51%.

Hedge Funds Weigh In On Financial Institutions

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC lifted its holdings in shares of Financial Institutions by 3,150.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock worth $32,000 after acquiring an additional 1,134 shares during the period. Comerica Bank raised its position in Financial Institutions by 39.8% during 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 lifted its stake in Financial Institutions by 679.4% during 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 last quarter. Advisory Services Network LLC bought a new stake in Financial Institutions during the third quarter worth $53,000. Finally, Allworth Financial LP boosted its holdings in shares of Financial Institutions by 925.2% in the 2nd quarter. Allworth Financial LP now owns 2,850 shares of the bank’s stock valued at $73,000 after purchasing an additional 2,572 shares in the last quarter. 60.45% of the stock is owned by institutional investors and hedge funds.

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.