Financial Institutions, Inc. (NASDAQ:FISI) Receives $33.67 Consensus Price Target from Brokerages

Financial Institutions, Inc. (NASDAQ:FISI) has been assigned a consensus recommendation of “Hold” from the five analysts that are currently covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $33.6667.

Several equities research analysts have recently issued reports on the company. Wall Street Zen cut Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, December 20th. Weiss Ratings restated a “hold (c-)” rating on shares of Financial Institutions in a report on Monday. Piper Sandler reaffirmed a “neutral” rating and issued a $34.00 price objective on shares of Financial Institutions in a research note on Wednesday, December 17th. Zacks Research raised Financial Institutions to a “hold” rating in a report on Thursday, December 18th. Finally, Keefe, Bruyette & Woods increased their target price on Financial Institutions from $34.00 to $35.00 and gave the company an “outperform” rating in a research report on Monday, October 27th.

Financial Institutions Price Performance

FISI stock opened at $31.91 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.87 and a current ratio of 0.87. The company’s fifty day moving average price is $29.85 and its 200-day moving average price is $27.68. Financial Institutions has a one year low of $20.97 and a one year high of $33.00. The company has a market capitalization of $642.25 million, a PE ratio of -23.29 and a beta of 0.72.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings results on Monday, November 3rd. The bank reported $0.99 earnings per share (EPS) for the quarter. The company had revenue of $63.85 million for the quarter. Financial Institutions had a negative net margin of 2.93% and a positive return on equity of 11.10%. On average, equities analysts anticipate that Financial Institutions will post 3.3 EPS for the current fiscal year.

Financial Institutions declared that its Board of Directors has approved a share repurchase program on Monday, September 22nd that allows the company to repurchase $1.00 million in shares. This repurchase authorization allows the bank to repurchase up to 0.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Financial Institutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, December 15th. Financial Institutions’s dividend payout ratio (DPR) is presently -90.51%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Larson Financial Group LLC grew its position in Financial Institutions by 3,150.0% in the third quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock worth $32,000 after acquiring an additional 1,134 shares in the last quarter. Comerica Bank lifted its stake in shares of Financial Institutions by 39.8% in the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after purchasing an additional 469 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Financial Institutions by 679.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock worth $45,000 after purchasing an additional 1,515 shares during the period. Advisory Services Network LLC purchased a new position in shares of Financial Institutions in the 3rd quarter worth approximately $53,000. Finally, Allworth Financial LP increased its position in shares of Financial Institutions by 925.2% during the 2nd quarter. Allworth Financial LP now owns 2,850 shares of the bank’s stock valued at $73,000 after purchasing an additional 2,572 shares during the last quarter. Institutional investors own 60.45% of the company’s stock.

About Financial Institutions

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.