Financial Institutions (NASDAQ:FISI) Reaches New 52-Week High – Should You Buy?

Financial Institutions, Inc. (NASDAQ:FISI) shares hit a new 52-week high during trading on Monday . The stock traded as high as $38.47 and last traded at $37.9990, with a volume of 13272 shares. The stock had previously closed at $37.90.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FISI. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings upgraded shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research note on Thursday, March 12th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Financial Institutions Stock Down 0.5%

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $742.71 million, a price-to-earnings ratio of 9.81 and a beta of 0.64. The firm’s 50-day simple moving average is $35.01 and its 200-day simple moving average is $33.07.

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

Financial Institutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, June 12th. Financial Institutions’s dividend payout ratio (DPR) is presently 33.33%.

Hedge Funds Weigh In On Financial Institutions

Hedge funds and other institutional investors have recently made changes to their positions in the business. 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. Royal Bank of Canada lifted its holdings in shares of Financial Institutions by 31.6% during the 1st 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 period. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Financial Institutions by 44.8% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock worth $50,000 after acquiring an additional 497 shares during the period. Fifth Third Bancorp bought a new position in shares of Financial Institutions during the 1st quarter worth about $52,000. Finally, Comerica Bank lifted its holdings in shares of Financial Institutions by 39.8% during the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock worth $45,000 after acquiring an additional 469 shares during the period. 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.