Financial Institutions (NASDAQ:FISI) Releases Quarterly Earnings Results, Misses Expectations By $0.06 EPS

Financial Institutions (NASDAQ:FISI) announced its quarterly earnings data on Thursday. The bank reported $0.99 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.06), FiscalAI reports. The company had revenue of $64.75 million for the quarter, compared to analyst estimates of $66.55 million. Financial Institutions had a return on equity of 13.45% and a net margin of 21.78%.

Financial Institutions Stock Up 0.3%

NASDAQ:FISI traded up $0.11 on Thursday, hitting $40.88. The stock had a trading volume of 93,524 shares, compared to its average volume of 144,630. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. Financial Institutions has a 52 week low of $28.00 and a 52 week high of $42.97. The business’s fifty day moving average is $40.18 and its 200 day moving average is $36.62. The company has a market cap of $805.58 million, a PE ratio of 10.14 and a beta of 0.62.

Financial Institutions Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th were issued a $0.32 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 3.1%. Financial Institutions’s dividend payout ratio is presently 31.76%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Piper Sandler reissued a “neutral” rating and set a $45.00 target price (up from $38.00) on shares of Financial Institutions in a research note on Monday, August 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Financial Institutions in a report on Friday, October 2nd. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Financial Institutions from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Two equities research 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 price target of $45.00.

About Financial Institutions

Financial Institutions, Inc (NASDAQ:FISI) is a diversified financial services company headquartered in Warsaw, New York. Through its principal banking subsidiary, Five Star Bank, the company provides community banking services to individuals, families, businesses and public-sector organizations.

Five Star Bank offers deposit accounts, residential and commercial real estate lending, consumer loans, business financing, cash-management services and other traditional banking products. The company also provides wealth management, investment advisory and retirement-plan administration services through specialized subsidiaries, including Courier Capital and Benefit Plan Administrative Services.

Financial Institutions serves customers primarily across communities in upstate New York, with related financial services available in additional markets.