Piper Sandler Reiterates Neutral Rating for Financial Institutions (NASDAQ:FISI)

Piper Sandler reiterated their neutral rating on shares of Financial Institutions (NASDAQ:FISI) in a report released on Monday morning, MarketBeat Ratings reports. The brokerage currently has a $19.00 target price on the bank’s stock, down from their previous target price of $23.00.

Separately, TheStreet upgraded Financial Institutions from a c+ rating to a b- rating in a report on Thursday, December 28th.

Financial Institutions Stock Performance

Shares of FISI stock opened at $18.82 on Monday. The stock has a fifty day moving average of $19.36 and a 200 day moving average of $18.66. Financial Institutions has a 52 week low of $13.84 and a 52 week high of $23.11. The firm has a market capitalization of $290.02 million, a price-to-earnings ratio of 5.96 and a beta of 0.86. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.28.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.12). Financial Institutions had a return on equity of 12.24% and a net margin of 15.03%. The business had revenue of $55.25 million during the quarter, compared to analysts’ expectations of $50.29 million. As a group, research analysts expect that Financial Institutions will post 2.71 earnings per share for the current year.

Financial Institutions Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 2nd. Stockholders of record on Friday, March 15th will be issued a dividend of $0.30 per share. The ex-dividend date is Thursday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 6.38%. Financial Institutions’s payout ratio is presently 37.97%.

Hedge Funds Weigh In On Financial Institutions

Several institutional investors and hedge funds have recently modified their holdings of FISI. State Street Corp increased its holdings in shares of Financial Institutions by 30.6% during the first quarter. State Street Corp now owns 494,212 shares of the bank’s stock valued at $15,002,000 after acquiring an additional 115,703 shares in the last quarter. Courier Capital LLC boosted its position in shares of Financial Institutions by 100.8% during the fourth quarter. Courier Capital LLC now owns 217,453 shares of the bank’s stock valued at $4,632,000 after buying an additional 109,144 shares during the last quarter. Morgan Stanley boosted its position in shares of Financial Institutions by 69.4% during the fourth quarter. Morgan Stanley now owns 233,813 shares of the bank’s stock valued at $5,696,000 after buying an additional 95,779 shares during the last quarter. BlackRock Inc. boosted its position in shares of Financial Institutions by 7.5% during the first quarter. BlackRock Inc. now owns 1,356,722 shares of the bank’s stock valued at $26,158,000 after buying an additional 94,891 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Financial Institutions by 23.4% during the second quarter. Renaissance Technologies LLC now owns 334,400 shares of the bank’s stock valued at $5,263,000 after buying an additional 63,400 shares during the last quarter. 60.45% of the stock is currently owned by institutional investors.

Financial Institutions Company Profile

Financial Institutions, Inc operates as a holding company for the Five Star Bank, a chartered bank that provides banking and financial services to individuals, municipalities, and businesses in New York. The company offers checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts, as well as NOW accounts.