Financial Institutions (FISI) Upgraded at Zacks Investment Research

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Zacks Investment Research upgraded shares of Financial Institutions (NASDAQ:FISI) from a sell rating to a hold rating in a research note issued to investors on Tuesday.

According to Zacks, “Financial Institution Inc. is a bank holding company. The banks provide a wide range of consumer and commercial banking services and products to individuals, municipalities and small and medium size businesses, including agribusiness. While the banks function as community banks, the company strives to provide their customers with a broad range of competitive services generally provided only by larger, regional banks. “

Other research analysts have also issued research reports about the company. BidaskClub upgraded Financial Institutions from a strong sell rating to a sell rating in a report on Saturday, October 13th. ValuEngine lowered Financial Institutions from a hold rating to a sell rating in a report on Thursday, October 18th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $35.33.

FISI traded down $0.49 on Tuesday, hitting $29.13. 32,405 shares of the company’s stock were exchanged, compared to its average volume of 49,999. Financial Institutions has a fifty-two week low of $26.48 and a fifty-two week high of $34.35. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.11. The stock has a market cap of $469.63 million, a PE ratio of 15.02 and a beta of 0.93.

Financial Institutions (NASDAQ:FISI) last announced its earnings results on Thursday, October 25th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. Financial Institutions had a net margin of 23.61% and a return on equity of 11.00%. The company had revenue of $40.72 million for the quarter, compared to analysts’ expectations of $39.20 million. As a group, research analysts anticipate that Financial Institutions will post 2.57 earnings per share for the current year.

In related news, CEO Martin Kearney Birmingham purchased 2,000 shares of Financial Institutions stock in a transaction dated Tuesday, October 30th. The shares were acquired at an average price of $28.44 per share, for a total transaction of $56,880.00. Following the acquisition, the chief executive officer now directly owns 74,596 shares in the company, valued at $2,121,510.24. The purchase was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders have bought 3,845 shares of company stock worth $114,655. Insiders own 4.34% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of FISI. State Board of Administration of Florida Retirement System purchased a new stake in Financial Institutions in the 2nd quarter valued at about $210,000. Engineers Gate Manager LP purchased a new stake in Financial Institutions in the 3rd quarter valued at about $227,000. Hartford Investment Management Co. purchased a new stake in Financial Institutions in the 3rd quarter valued at about $240,000. Raymond James & Associates purchased a new stake in Financial Institutions in the 2nd quarter valued at about $307,000. Finally, Putnam Investments LLC purchased a new stake in Financial Institutions in the 2nd quarter valued at about $337,000. Institutional investors and hedge funds own 70.75% of the company’s stock.

Financial Institutions Company Profile

Financial Institutions, Inc operates as the holding company for Five Star Bank that provides banking and financial services to individuals, municipalities, and businesses. It operates in two segments, Banking and Non-Banking. The company offers checking and savings account programs, including money market accounts, certificates of deposit, and sweep investments, as well as individual retirement and other qualified plan accounts.

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