Financial Institutions (NASDAQ:FISI) Reaches New 52-Week High After Analyst Upgrade

Financial Institutions, Inc. (NASDAQ:FISI)’s share price hit a new 52-week high during trading on Monday after Keefe, Bruyette & Woods raised their price target on the stock from $35.00 to $38.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Financial Institutions traded as high as $34.40 and last traded at $34.16, with a volume of 41045 shares. The stock had previously closed at $32.94.

FISI has been the subject of several other research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Financial Institutions in a report on Monday, December 29th. Zacks Research upgraded shares of Financial Institutions to a “hold” rating in a research note on Thursday, December 18th. Piper Sandler reiterated a “neutral” rating and issued a $36.00 target price (up previously from $34.00) on shares of Financial Institutions in a report on Monday. Finally, Wall Street Zen downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $35.33.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its stake in Financial Institutions by 3.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 11,011 shares of the bank’s stock valued at $301,000 after acquiring an additional 363 shares during the period. Comerica Bank boosted its position in Financial Institutions by 39.8% during the third quarter. Comerica Bank now owns 1,647 shares of the bank’s stock worth $45,000 after purchasing an additional 469 shares during the period. Palisades Investment Partners LLC increased its stake in shares of Financial Institutions by 0.4% in the third quarter. Palisades Investment Partners LLC now owns 137,522 shares of the bank’s stock worth $3,780,000 after purchasing an additional 606 shares in the last quarter. Creative Planning increased its stake in shares of Financial Institutions by 5.0% in the third quarter. Creative Planning now owns 17,922 shares of the bank’s stock worth $487,000 after purchasing an additional 850 shares in the last quarter. Finally, Cutler Capital Management LLC raised its position in shares of Financial Institutions by 1.9% in the second quarter. Cutler Capital Management LLC now owns 47,925 shares of the bank’s stock valued at $1,231,000 after purchasing an additional 900 shares during the period. Institutional investors own 60.45% of the company’s stock.

Financial Institutions Stock Up 1.5%

The stock’s 50 day moving average is $31.86 and its 200 day moving average is $28.88. The company has a market capitalization of $700.16 million, a PE ratio of 9.63 and a beta of 0.70. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.87 and a current ratio of 0.87.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, January 29th. The bank reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. Financial Institutions had a net margin of 19.81% and a return on equity of 12.75%. The business had revenue of $64.12 million for the quarter, compared to analysts’ expectations of $62.99 million. On average, sell-side analysts anticipate that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Monday, December 15th were given a dividend of $0.31 per share. The ex-dividend date was Monday, December 15th. This represents a $1.24 annualized dividend and a dividend yield of 3.6%. Financial Institutions’s dividend payout ratio is currently 34.35%.

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.