Zacks: Analysts Set $35.00 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 rating and one has issued a strong buy rating on the company.

Brokers have set a twelve-month consensus price objective of $35.00 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 14 out of 265 based on the ratings given to its competitors.

A number of brokerages recently commented on FISI. BidaskClub cut shares of Financial Institutions from a “hold” rating to a “sell” rating in a research report on Thursday, January 4th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $33.00 target price on shares of Financial Institutions in a research report on Thursday, October 26th. Piper Jaffray Companies reiterated a “hold” rating and issued a $31.50 target price on shares of Financial Institutions in a research report on Wednesday, October 4th. Finally, ValuEngine upgraded shares of Financial Institutions from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd.

In other news, insider Joseph L. Dugan acquired 930 shares of the firm’s stock in a transaction on Tuesday, November 21st. The shares were purchased at an average price of $32.15 per share, for a total transaction of $29,899.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert M. Glaser acquired 1,000 shares of the firm’s stock in a transaction on Wednesday, December 13th. The stock was purchased at an average price of $32.34 per share, for a total transaction of $32,340.00. Following the transaction, the director now directly owns 13,451 shares of the company’s stock, valued at approximately $435,005.34. The disclosure for this purchase can be found here. Insiders acquired 4,939 shares of company stock worth $158,934 in the last 90 days. Corporate insiders own 5.49% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in FISI. Foundry Partners LLC increased its position in shares of Financial Institutions by 18.5% during the fourth quarter. Foundry Partners LLC now owns 186,390 shares of the bank’s stock valued at $5,797,000 after buying an additional 29,075 shares during the period. Schwab Charles Investment Management Inc. increased its position in shares of Financial Institutions by 28.4% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 164,138 shares of the bank’s stock valued at $5,105,000 after buying an additional 36,271 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Financial Institutions during the third quarter valued at about $429,000. California Public Employees Retirement System increased its position in shares of Financial Institutions by 16.7% during the third quarter. California Public Employees Retirement System now owns 42,606 shares of the bank’s stock valued at $1,227,000 after buying an additional 6,106 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. increased its position in shares of Financial Institutions by 12.9% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 56,995 shares of the bank’s stock valued at $1,641,000 after buying an additional 6,500 shares during the period. Hedge funds and other institutional investors own 69.20% of the company’s stock.

Shares of Financial Institutions (FISI) traded down $0.45 during trading hours on Friday, reaching $30.75. 26,581 shares of the company were exchanged, compared to its average volume of 37,543. The stock has a market cap of $487.54, a PE ratio of 15.30 and a beta of 1.24. Financial Institutions has a one year low of $25.65 and a one year high of $35.40. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.75 and a current ratio of 0.75.

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

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Thursday, December 14th were given a $0.22 dividend. This is a boost from Financial Institutions’s previous quarterly dividend of $0.21. The ex-dividend date was Wednesday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.86%. Financial Institutions’s payout ratio is presently 43.78%.

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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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