Financial Institutions (NASDAQ:FISI) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Financial Institutions, Inc. (NASDAQ:FISI)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $30.37 and traded as high as $31.72. Financial Institutions shares last traded at $31.40, with a volume of 102,278 shares.

Analysts Set New Price Targets

A number of analysts have issued reports on FISI shares. Piper Sandler reissued a “neutral” rating and issued a $36.00 target price (up from $34.00) on shares of Financial Institutions in a research report on Monday, February 2nd. Wall Street Zen upgraded Financial Institutions from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Keefe, Bruyette & Woods lifted their price objective on Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Weiss Ratings upgraded Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a report on Thursday, March 12th. Finally, Zacks Research raised Financial Institutions to a “hold” rating in a research note on Thursday, December 18th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Financial Institutions currently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Financial Institutions Stock Performance

The stock’s 50-day simple moving average is $32.43 and its 200 day simple moving average is $30.37. The company has a market capitalization of $616.38 million, a PE ratio of 8.70 and a beta of 0.68. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings data on Thursday, January 29th. The bank reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.01. The business had revenue of $64.12 million during the quarter, compared to analysts’ expectations of $62.99 million. Financial Institutions had a net margin of 19.81% and a return on equity of 12.62%. As a group, research analysts expect that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 2nd. Shareholders of record on Friday, March 13th will be issued a dividend of $0.32 per share. This is a positive change from Financial Institutions’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.28 dividend on an annualized basis and a yield of 4.1%. Financial Institutions’s dividend payout ratio (DPR) is presently 35.46%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FISI. Larson Financial Group LLC raised its position in shares of 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 acquiring an additional 1,134 shares in the last quarter. Comerica Bank boosted its holdings in Financial Institutions by 39.8% in the third quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after purchasing an additional 469 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Financial Institutions by 679.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after purchasing an additional 1,515 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Financial Institutions by 44.8% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock valued at $50,000 after purchasing an additional 497 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new stake in Financial Institutions during the third quarter worth approximately $53,000. Hedge funds and other 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.