Financial Institutions, Inc. (NASDAQ:FISI) Sees Large Decrease in Short Interest

Financial Institutions, Inc. (NASDAQ:FISI) saw a large decrease in short interest during the month of January. As of January 30th, there was short interest totaling 378,023 shares, a decrease of 14.4% from the January 15th total of 441,559 shares. Approximately 1.9% of the company’s shares are short sold. Based on an average daily volume of 131,252 shares, the short-interest ratio is presently 2.9 days. Based on an average daily volume of 131,252 shares, the short-interest ratio is presently 2.9 days. Approximately 1.9% of the company’s shares are short sold.

Financial Institutions Stock Up 0.3%

Financial Institutions stock traded up $0.10 during midday trading on Wednesday, hitting $34.88. 9,584 shares of the company’s stock were exchanged, compared to its average volume of 161,259. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $702.03 million, a PE ratio of 9.66 and a beta of 0.70. The firm has a 50-day moving average of $32.60 and a two-hundred day moving average of $29.47. Financial Institutions has a 12 month low of $20.97 and a 12 month high of $35.47.

Financial Institutions (NASDAQ:FISI) last posted its earnings results 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. Financial Institutions had a return on equity of 12.75% and a net margin of 19.81%.The company had revenue of $64.12 million during the quarter, compared to analyst estimates of $62.99 million. As a group, analysts expect that Financial Institutions will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 2nd. Investors of record on Friday, March 13th will be paid a $0.32 dividend. This is a positive change from Financial Institutions’s previous quarterly dividend of $0.31. The ex-dividend date is Friday, March 13th. This represents a $1.28 dividend on an annualized basis and a yield of 3.7%. Financial Institutions’s dividend payout ratio (DPR) is 34.35%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Piper Sandler reaffirmed a “neutral” rating and set a $36.00 target price (up previously from $34.00) on shares of Financial Institutions in a research note on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Financial Institutions in a research report on Monday, December 29th. Keefe, Bruyette & Woods lifted their target price on Financial Institutions from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Zacks Research upgraded shares of Financial Institutions to a “hold” rating in a report on Thursday, December 18th. Finally, Wall Street Zen raised shares of Financial Institutions from a “hold” rating to a “buy” rating in a research note on Saturday. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Financial Institutions currently has a consensus rating of “Hold” and an average price target of $35.33.

Institutional Investors Weigh In On Financial Institutions

Large investors have recently bought and sold shares of the company. Larson Financial Group LLC boosted its stake in shares of Financial Institutions by 3,150.0% in the third quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock worth $32,000 after buying an additional 1,134 shares during the last quarter. Comerica Bank boosted its position in Financial Institutions by 39.8% in the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock worth $45,000 after purchasing an additional 469 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Financial Institutions by 679.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock worth $45,000 after purchasing an additional 1,515 shares during the period. CANADA LIFE ASSURANCE Co increased its holdings in shares of Financial Institutions by 44.8% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock valued at $50,000 after purchasing an additional 497 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new position in shares of Financial Institutions during the 3rd quarter valued at approximately $53,000. Hedge funds and other institutional investors own 60.45% of the company’s stock.

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.