Financial Institutions, Inc. (NASDAQ:FISI) Given Average Rating of “Hold” by Brokerages

Shares of Financial Institutions, Inc. (NASDAQ:FISI) have earned a consensus recommendation of “Hold” from the five research firms that are covering the firm, MarketBeat Ratings reports. Four 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 issued ratings on the stock in the last year is $35.3333.

A number of research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Financial Institutions in a research report on Monday, December 29th. Wall Street Zen cut Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Zacks Research upgraded Financial Institutions to a “hold” rating in a report on Thursday, December 18th. Piper Sandler reissued a “neutral” rating and set a $36.00 price target (up from $34.00) on shares of Financial Institutions in a research report on Monday, February 2nd. Finally, Keefe, Bruyette & Woods raised their price target on Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. PL Capital Advisors LLC raised its position in shares of Financial Institutions by 30.4% in the third quarter. PL Capital Advisors LLC now owns 1,774,886 shares of the bank’s stock valued at $48,277,000 after purchasing an additional 413,376 shares during the period. Geode Capital Management LLC grew its stake in Financial Institutions by 6.2% in the 2nd quarter. Geode Capital Management LLC now owns 477,865 shares of the bank’s stock valued at $12,274,000 after buying an additional 27,770 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its stake in Financial Institutions by 98.3% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 31,811 shares of the bank’s stock valued at $817,000 after buying an additional 15,768 shares during the last quarter. Allworth Financial LP raised its holdings in Financial Institutions by 925.2% in the 2nd 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. Finally, Bayview Asset Management LLC lifted its position in Financial Institutions by 9.4% during the second quarter. Bayview Asset Management LLC now owns 87,584 shares of the bank’s stock worth $2,249,000 after acquiring an additional 7,499 shares during the last quarter. 60.45% of the stock is currently owned by institutional investors and hedge funds.

Financial Institutions Stock Up 1.0%

Shares of Financial Institutions stock opened at $35.14 on Friday. The firm has a market cap of $707.40 million, a PE ratio of 9.73 and a beta of 0.70. The business’s 50 day simple moving average is $32.12 and its 200 day simple moving average is $29.03. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.87 and a current ratio of 0.87. Financial Institutions has a 52-week low of $20.97 and a 52-week high of $35.47.

Financial Institutions (NASDAQ:FISI) last issued its quarterly earnings results 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. Financial Institutions had a net margin of 19.81% and a return on equity of 12.75%. The company had revenue of $64.12 million during the quarter, compared to analysts’ expectations of $62.99 million. On average, analysts predict that Financial Institutions will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Monday, December 15th. Financial Institutions’s payout ratio is presently 34.35%.

Financial Institutions Company Profile

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.