Analysts Set Financial Institutions, Inc. (NASDAQ:FISI) PT at $33.67

Financial Institutions, Inc. (NASDAQ:FISI) has been assigned a consensus recommendation of “Hold” from the five analysts that are presently covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $33.6667.

FISI has been the subject of several recent research reports. Wall Street Zen upgraded shares of Financial Institutions from a “hold” rating to a “buy” rating in a research note on Sunday, December 28th. Zacks Research raised shares of Financial Institutions to a “hold” rating in a report on Thursday, December 18th. Keefe, Bruyette & Woods increased their price objective on shares of Financial Institutions from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. Piper Sandler reissued a “neutral” rating and issued a $34.00 target price on shares of Financial Institutions in a report on Wednesday, December 17th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Financial Institutions in a research note on Monday, December 29th.

Institutional Trading of Financial Institutions

Several hedge funds have recently bought and sold shares of FISI. Larson Financial Group LLC boosted its stake in Financial Institutions by 3,150.0% during 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 holdings in shares of Financial Institutions by 39.8% during the third quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after buying an additional 469 shares during the last quarter. EverSource Wealth Advisors LLC raised 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 buying an additional 1,515 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Financial Institutions during the third quarter worth approximately $53,000. Finally, Allworth Financial LP grew its holdings in Financial Institutions by 925.2% in the 2nd quarter. Allworth Financial LP now owns 2,850 shares of the bank’s stock worth $73,000 after buying an additional 2,572 shares in the last quarter. 60.45% of the stock is currently owned by institutional investors.

Financial Institutions Trading Down 0.1%

NASDAQ:FISI opened at $32.19 on Wednesday. The company has a market cap of $647.98 million, a PE ratio of -23.50 and a beta of 0.70. The business’s 50 day moving average is $31.04 and its two-hundred day moving average is $28.40. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.19. Financial Institutions has a 52 week low of $20.97 and a 52 week high of $33.00.

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

Financial Institutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were given a dividend of $0.31 per share. The ex-dividend date was Monday, December 15th. This represents a $1.24 dividend on an annualized basis and a yield of 3.9%. Financial Institutions’s payout ratio is currently -90.51%.

Financial Institutions declared that its Board of Directors has initiated a stock repurchase plan on Monday, September 22nd that permits the company to buyback $1.00 million in shares. This buyback authorization permits the bank to buy up to 0.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

About Financial Institutions

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.