Financial Institutions (NASDAQ:FISI) Posts Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Financial Institutions (NASDAQ:FISI) posted its quarterly earnings data on Thursday. The bank reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.11, FiscalAI reports. The company had revenue of $64.31 million for the quarter, compared to the consensus estimate of $63.54 million. Financial Institutions had a return on equity of 13.08% and a net margin of 20.85%.

Financial Institutions Stock Down 0.4%

Financial Institutions stock traded down $0.17 during midday trading on Thursday, hitting $38.72. 159,140 shares of the stock were exchanged, compared to its average volume of 148,680. The stock has a market capitalization of $762.40 million, a price-to-earnings ratio of 10.08 and a beta of 0.63. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13. The business’s 50-day moving average price is $37.46 and its 200-day moving average price is $34.45. Financial Institutions has a 52-week low of $24.62 and a 52-week high of $40.40.

Financial Institutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th were paid a $0.32 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.28 annualized dividend and a dividend yield of 3.3%. Financial Institutions’s dividend payout ratio is 33.33%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FISI shares. Wall Street Zen downgraded Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “buy (b)” rating on shares of Financial Institutions in a research note on Monday, July 6th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Financial Institutions presently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Institutional Investors Weigh In On Financial Institutions

A number of hedge funds have recently made changes to their positions in the business. Comerica Bank increased its position in Financial Institutions by 39.8% during the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after purchasing an additional 469 shares during the period. CANADA LIFE ASSURANCE Co boosted its stake in Financial Institutions by 44.8% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock worth $50,000 after purchasing an additional 497 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Financial Institutions by 0.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 168,746 shares of the bank’s stock worth $5,260,000 after buying an additional 774 shares during the last quarter. Creative Planning raised its stake in Financial Institutions by 5.0% in the 3rd quarter. Creative Planning now owns 17,922 shares of the bank’s stock worth $487,000 after acquiring an additional 850 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Financial Institutions by 2.3% during the fourth quarter. Russell Investments Group Ltd. now owns 38,449 shares of the bank’s stock worth $1,198,000 after purchasing an additional 872 shares during the period. 60.45% of the stock is currently 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.