Financial Institutions, Inc. (NASDAQ:FISI) Short Interest Update

Financial Institutions, Inc. (NASDAQ:FISI) was the target of a significant increase in short interest in March. As of March 13th, there was short interest totaling 536,799 shares, an increase of 32.8% from the February 26th total of 404,236 shares. Based on an average daily volume of 126,921 shares, the short-interest ratio is currently 4.2 days. Approximately 2.8% of the shares of the stock are sold short.

Hedge Funds Weigh In On Financial Institutions

Large investors have recently modified their holdings of the business. Larson Financial Group LLC lifted its holdings in shares of Financial Institutions by 3,150.0% during the third quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock worth $32,000 after purchasing an additional 1,134 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in 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 buying an additional 497 shares during the period. Comerica Bank lifted its holdings in 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 buying an additional 469 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Financial Institutions by 679.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after buying an additional 1,515 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new stake in shares of Financial Institutions in the third quarter valued at about $53,000. Institutional investors own 60.45% of the company’s stock.

Financial Institutions Price Performance

Shares of NASDAQ:FISI traded up $0.23 during trading on Tuesday, hitting $31.28. 18,306 shares of the company were exchanged, compared to its average volume of 159,024. Financial Institutions has a 1-year low of $20.97 and a 1-year high of $35.47. The company has a market capitalization of $614.03 million, a P/E ratio of 8.67 and a beta of 0.69. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The business’s 50 day moving average is $32.36 and its 200-day moving average is $30.47.

Financial Institutions (NASDAQ:FISI) last issued its quarterly earnings data on Thursday, January 29th. The bank reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. The business had revenue of $64.12 million for the quarter, compared to analyst estimates of $62.99 million. Financial Institutions had a return on equity of 12.62% and a net margin of 19.81%. Equities analysts forecast that Financial Institutions will post 3.3 earnings per share for the current year.

Financial Institutions Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 2nd. Investors of record on Friday, March 13th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, March 13th. This represents a $1.28 annualized dividend and a yield of 4.1%. This is a boost from Financial Institutions’s previous quarterly dividend of $0.31. Financial Institutions’s dividend payout ratio is 35.46%.

Analyst Upgrades and Downgrades

FISI has been the topic of several recent analyst reports. Weiss Ratings upgraded Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research note on Thursday, March 12th. Piper Sandler restated a “neutral” rating and set a $36.00 price objective (up from $34.00) on shares of Financial Institutions in a research report on Monday, February 2nd. Wall Street Zen raised Financial Institutions from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Zacks Research raised Financial Institutions to a “hold” rating in a research note on Thursday, December 18th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Financial Institutions from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Financial Institutions currently has a consensus rating of “Moderate Buy” and an average price target of $37.00.

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.