Short Interest in Financial Institutions, Inc. (NASDAQ:FISI) Decreases By 17.1%

Financial Institutions, Inc. (NASDAQ:FISI) was the recipient of a significant decrease in short interest during the month of December. As of December 31st, there was short interest totaling 390,306 shares, a decrease of 17.1% from the December 15th total of 470,719 shares. Currently, 2.0% of the company’s stock are sold short. Based on an average daily trading volume, of 150,938 shares, the days-to-cover ratio is currently 2.6 days. Based on an average daily trading volume, of 150,938 shares, the days-to-cover ratio is currently 2.6 days. Currently, 2.0% of the company’s stock are sold short.

Financial Institutions Trading Down 1.9%

Shares of FISI opened at $31.58 on Wednesday. Financial Institutions has a 12-month low of $20.97 and a 12-month high of $33.00. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $635.71 million, a price-to-earnings ratio of -23.05 and a beta of 0.70. The stock’s 50-day moving average price is $31.12 and its 200 day moving average price is $28.48.

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

Financial Institutions Announces Dividend

The firm also recently announced 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. This represents a $1.24 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Monday, December 15th. Financial Institutions’s payout ratio is -90.51%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FISI. Weiss Ratings reissued a “hold (c-)” rating on shares of Financial Institutions in a report on Monday, December 29th. Zacks Research raised shares of Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Piper Sandler restated a “neutral” rating and issued a $34.00 price objective on shares of Financial Institutions in a research note on Wednesday, December 17th. Keefe, Bruyette & Woods raised their target price on shares of Financial Institutions from $34.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. Finally, Wall Street Zen raised shares of Financial Institutions from a “hold” rating to a “buy” rating in a research report on Sunday, December 28th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Financial Institutions has a consensus rating of “Hold” and a consensus target price of $33.67.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC grew its stake in shares of Financial Institutions by 3,150.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock valued at $32,000 after purchasing an additional 1,134 shares during the period. Comerica Bank raised its stake 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 acquiring an additional 469 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Financial Institutions by 679.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after acquiring an additional 1,515 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Financial Institutions in the 3rd quarter valued at $53,000. Finally, Allworth Financial LP boosted its stake 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. Institutional investors own 60.45% of the company’s stock.

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.