Financial Institutions (NASDAQ:FISI) Shares Pass Above 200-Day Moving Average – What’s Next?

Financial Institutions, Inc. (NASDAQ:FISI)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $32.70 and traded as high as $36.90. Financial Institutions shares last traded at $36.62, with a volume of 227,652 shares changing hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FISI. Weiss Ratings raised Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research report on Thursday, March 12th. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $37.00.

Financial Institutions Stock Up 3.2%

The business’s 50 day moving average is $34.26 and its 200 day moving average is $32.70. The company has a market capitalization of $721.05 million, a price-to-earnings ratio of 9.54 and a beta of 0.64. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86.

Financial Institutions (NASDAQ:FISI) last released its earnings results on Thursday, April 23rd. The bank reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.12. The company had revenue of $62.67 million during the quarter, compared to analysts’ expectations of $62.76 million. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. Sell-side analysts anticipate that Financial Institutions, Inc. will post 3.96 earnings per share for the current year.

Financial Institutions Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $1.28 dividend on an annualized basis and a yield of 3.5%. Financial Institutions’s dividend payout ratio (DPR) is currently 33.33%.

Hedge Funds Weigh In On Financial Institutions

A number of institutional investors have recently bought and sold shares of FISI. AQR Capital Management LLC raised its position in Financial Institutions by 12.2% during the 1st quarter. AQR Capital Management LLC now owns 97,206 shares of the bank’s stock worth $2,426,000 after buying an additional 10,590 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Financial Institutions by 30.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank’s stock worth $283,000 after buying an additional 2,617 shares during the last quarter. Empowered Funds LLC raised its position in Financial Institutions by 7.1% during the 1st quarter. Empowered Funds LLC now owns 74,841 shares of the bank’s stock worth $1,868,000 after buying an additional 4,979 shares during the last quarter. Jane Street Group LLC purchased a new position in Financial Institutions during the 1st quarter worth approximately $375,000. Finally, Creative Planning raised its position in Financial Institutions by 28.7% during the 2nd quarter. Creative Planning now owns 17,072 shares of the bank’s stock worth $438,000 after buying an additional 3,809 shares during the last quarter. 60.45% of the stock is owned by hedge funds and other institutional investors.

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.