Financial Institutions (NASDAQ:FISI) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Financial Institutions (NASDAQ:FISI) had its price target upped by analysts at Keefe, Bruyette & Woods from $35.00 to $38.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 10.88% from the company’s previous close.

Several other equities analysts have also weighed in on FISI. Zacks Research upgraded shares of Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Financial Institutions in a research note on Monday, December 29th. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $36.00 price target (up previously from $34.00) on shares of Financial Institutions in a report on Monday. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $35.33.

Financial Institutions Stock Performance

Shares of FISI opened at $34.27 on Monday. The stock has a 50 day moving average of $31.86 and a 200 day moving average of $28.88. The company has a market capitalization of $689.86 million, a price-to-earnings ratio of 9.49 and a beta of 0.70. Financial Institutions has a 12 month low of $20.97 and a 12 month high of $34.81. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.19.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings data on Thursday, January 29th. The bank reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.01. The business had revenue of $64.12 million for the quarter, compared to analysts’ expectations of $62.99 million. Financial Institutions had a return on equity of 12.75% and a net margin of 19.81%. As a group, sell-side analysts forecast that Financial Institutions will post 3.3 earnings per share for the current year.

Hedge Funds Weigh In On Financial Institutions

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

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.