Financial Institutions (NASDAQ:FISI) Reaches New 1-Year High – Here’s What Happened

Shares of Financial Institutions, Inc. (NASDAQ:FISI) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $35.73 and last traded at $35.52, with a volume of 7284 shares trading hands. The stock had previously closed at $35.37.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Piper Sandler reissued a “neutral” rating and issued a $36.00 price target (up from $34.00) on shares of Financial Institutions in a report on Monday, February 2nd. Weiss Ratings upgraded shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research note on Thursday, March 12th. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Keefe, Bruyette & Woods boosted their price target on Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Two 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 a consensus rating of “Moderate Buy” and an average price target of $37.00.

Financial Institutions Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $698.46 million, a P/E ratio of 9.23 and a beta of 0.63. The company’s 50 day moving average is $33.20 and its 200 day moving average is $32.23.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.12. Financial Institutions had a return on equity of 13.08% and a net margin of 20.85%.The company had revenue of $62.67 million for the quarter, compared to analyst estimates of $62.76 million. As a group, equities analysts predict that Financial Institutions, Inc. will post 3.96 earnings per share for the current fiscal year.

Financial Institutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Friday, June 12th. Financial Institutions’s payout ratio is presently 33.33%.

Institutional Investors Weigh In On Financial Institutions

Large investors have recently bought and sold shares of the stock. PL Capital Advisors LLC grew its holdings in Financial Institutions by 30.4% in the third quarter. PL Capital Advisors LLC now owns 1,774,886 shares of the bank’s stock worth $48,277,000 after purchasing an additional 413,376 shares during the period. Thrivent Financial for Lutherans grew its holdings in Financial Institutions by 412.7% in the third quarter. Thrivent Financial for Lutherans now owns 53,366 shares of the bank’s stock worth $1,451,000 after purchasing an additional 42,957 shares during the period. JPMorgan Chase & Co. grew its holdings in Financial Institutions by 10.2% in the third quarter. JPMorgan Chase & Co. now owns 377,740 shares of the bank’s stock worth $10,275,000 after purchasing an additional 34,906 shares during the period. ProShare Advisors LLC grew its holdings in Financial Institutions by 94.6% in the third quarter. ProShare Advisors LLC now owns 459,798 shares of the bank’s stock worth $12,507,000 after purchasing an additional 223,478 shares during the period. Finally, AlphaQuest LLC acquired a new stake in Financial Institutions in the third quarter worth $444,000. 60.45% of the stock is currently owned by institutional investors and hedge funds.

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.