Hovde Group Reiterates Buy Rating for Financial Institutions (FISI)

Financial Institutions (NASDAQ:FISI)‘s stock had its “buy” rating reiterated by research analysts at Hovde Group in a research note issued to investors on Friday. They presently have a $36.00 price objective on the bank’s stock. Hovde Group’s price objective suggests a potential upside of 13.21% from the company’s previous close.

Several other analysts have also commented on the company. BidaskClub lowered Financial Institutions from a “buy” rating to a “hold” rating in a report on Tuesday, December 19th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $33.00 target price on shares of Financial Institutions in a report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $33.50.

Shares of Financial Institutions (NASDAQ:FISI) traded down $0.50 during mid-day trading on Friday, hitting $31.80. The stock had a trading volume of 72,704 shares, compared to its average volume of 46,957. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $482.97, a price-to-earnings ratio of 15.00 and a beta of 1.16. Financial Institutions has a fifty-two week low of $25.65 and a fifty-two week high of $35.40.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Monday, January 29th. The bank reported $0.50 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.50. The business had revenue of $38.75 million for the quarter. Financial Institutions had a return on equity of 9.31% and a net margin of 20.34%. equities analysts expect that Financial Institutions will post 2.12 earnings per share for the current year.

In related news, Director Andrew W. Dorn, Jr. bought 1,557 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were purchased at an average cost of $30.95 per share, with a total value of $48,189.15. Following the completion of the acquisition, the director now directly owns 16,999 shares in the company, valued at $526,119.05. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Martin Kearney Birmingham bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were bought at an average cost of $31.65 per share, for a total transaction of $31,650.00. Following the completion of the acquisition, the chief executive officer now owns 82,916 shares of the company’s stock, valued at $2,624,291.40. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 6,496 shares of company stock worth $207,123. 5.49% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of FISI. SG Americas Securities LLC purchased a new position in Financial Institutions during the third quarter worth approximately $139,000. Brandywine Global Investment Management LLC boosted its position in Financial Institutions by 17.4% during the second quarter. Brandywine Global Investment Management LLC now owns 4,732 shares of the bank’s stock worth $142,000 after purchasing an additional 702 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Financial Institutions during the second quarter worth approximately $216,000. Virtu KCG Holdings LLC purchased a new position in Financial Institutions during the second quarter worth approximately $219,000. Finally, Wells Fargo & Company MN boosted its position in Financial Institutions by 1.7% during the second quarter. Wells Fargo & Company MN now owns 9,351 shares of the bank’s stock worth $279,000 after purchasing an additional 159 shares in the last quarter. Institutional investors own 69.18% of the company’s stock.

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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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