Brokerages Set $34.50 Target Price for Financial Institutions, Inc. (FISI)

Shares of Financial Institutions, Inc. (NASDAQ:FISI) have received an average broker rating score of 2.00 (Buy) from the two analysts that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and one has given a strong buy recommendation to the company.

Brokers have set a 12 month consensus target price of $34.50 for the company and are anticipating that the company will post $0.50 EPS for the current quarter, according to Zacks. Zacks has also assigned Financial Institutions an industry rank of 16 out of 265 based on the ratings given to its competitors.

A number of research analysts have recently issued reports on the company. BidaskClub downgraded Financial Institutions from a “hold” rating to a “sell” rating in a research note on Thursday, January 4th. Piper Jaffray Companies reissued a “hold” rating and issued a $31.50 price objective on shares of Financial Institutions in a research note on Wednesday, October 4th. ValuEngine raised Financial Institutions from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $33.00 price objective on shares of Financial Institutions in a research note on Friday, September 22nd.

Financial Institutions (NASDAQ:FISI) opened at $32.50 on Friday. The stock has a market capitalization of $503.17, a PE ratio of 16.17 and a beta of 1.24. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.75 and a quick ratio of 0.75. Financial Institutions has a 52 week low of $25.65 and a 52 week high of $35.40.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Tuesday, October 24th. The bank reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. The company had revenue of $37.01 million for the quarter. Financial Institutions had a return on equity of 9.66% and a net margin of 19.46%. sell-side analysts predict that Financial Institutions will post 1.94 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Thursday, December 14th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.71%. This is a positive change from Financial Institutions’s previous quarterly dividend of $0.21. The ex-dividend date was Wednesday, December 13th. Financial Institutions’s payout ratio is presently 43.78%.

In other news, insider Joseph L. Dugan bought 930 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was acquired at an average cost of $32.15 per share, with a total value of $29,899.50. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert M. Glaser bought 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The stock was purchased at an average cost of $32.34 per share, with a total value of $32,340.00. Following the completion of the transaction, the director now directly owns 13,451 shares in the company, valued at $435,005.34. The disclosure for this purchase can be found here. Insiders purchased a total of 4,939 shares of company stock valued at $158,934 over the last ninety days. 5.49% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the stock. Context BH Capital Management LP increased its position in Financial Institutions by 67.2% in the 3rd quarter. Context BH Capital Management LP now owns 47,458 shares of the bank’s stock valued at $1,367,000 after buying an additional 19,080 shares in the last quarter. Commonwealth Equity Services Inc increased its holdings in Financial Institutions by 0.9% during the 3rd quarter. Commonwealth Equity Services Inc now owns 617,858 shares of the bank’s stock worth $17,794,000 after purchasing an additional 5,295 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Financial Institutions by 53.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 125,064 shares of the bank’s stock worth $3,727,000 after purchasing an additional 43,526 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in Financial Institutions during the 2nd quarter worth approximately $379,000. Finally, Cornerstone Capital Management Holdings LLC. increased its holdings in Financial Institutions by 12.7% during the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 50,495 shares of the bank’s stock worth $1,504,000 after purchasing an additional 5,700 shares in the last quarter. 69.20% of the stock is owned by institutional investors and hedge funds.

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About Financial Institutions

Financial Institutions, Inc is a financial holding company. The Company conducts its business through its subsidiaries: Five Star Bank (the Bank), a New York chartered bank; Scott Danahy Naylon, LLC (SDN), a full service insurance agency, and Courier Capital, LLC (Courier Capital), an investment advisory and wealth management company.

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