Financial Institutions (NASDAQ:FISI) Stock Passes Above 200 Day Moving Average – Here’s What Happened

Financial Institutions, Inc. (NASDAQ:FISI) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $35.96 and traded as high as $41.39. Financial Institutions shares last traded at $40.82, with a volume of 93,321 shares.

Analyst Ratings Changes

Several research analysts have recently commented on FISI shares. Weiss Ratings reissued a “buy (b)” rating on shares of Financial Institutions in a report on Monday, July 6th. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Piper Sandler reaffirmed a “neutral” rating and set a $45.00 price objective (up from $38.00) on shares of Financial Institutions in a report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods increased their target price on Financial Institutions from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $45.00.

Financial Institutions Stock Up 0.3%

The firm has a market cap of $802.93 million, a PE ratio of 10.11 and a beta of 0.63. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. The company’s 50-day simple moving average is $40.01 and its two-hundred day simple moving average is $36.00.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, July 23rd. The bank reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. Financial Institutions had a net margin of 21.78% and a return on equity of 13.45%. The firm had revenue of $64.31 million during the quarter, compared to analyst estimates of $63.54 million. On average, analysts predict that Financial Institutions, Inc. will post 4.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Financial Institutions

Several institutional investors have recently bought and sold shares of the business. Sei Investments Co. boosted its holdings in shares of Financial Institutions by 205.0% in the 1st quarter. Sei Investments Co. now owns 51,480 shares of the bank’s stock valued at $1,632,000 after acquiring an additional 34,601 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new position in shares of Financial Institutions in the first quarter worth about $7,391,000. GSA Capital Partners LLP acquired a new position in Financial Institutions during the second quarter worth about $1,459,000. Canandaigua National Bank & Trust Co. purchased a new position in Financial Institutions in the 2nd quarter worth approximately $6,006,000. Finally, Ategra Capital Management LLC purchased a new position in Financial Institutions during the second quarter worth about $21,983,000. 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.