Financial Institutions (NASDAQ:FISI) Hits New 1-Year High – What’s Next?

Financial Institutions, Inc. (NASDAQ:FISI) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $39.27 and last traded at $38.5340, with a volume of 927732 shares changing hands. The stock had previously closed at $38.93.

Analysts Set New Price Targets

FISI has been the topic of a number of analyst reports. Weiss Ratings upgraded Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a report on Thursday, March 12th. Wall Street Zen downgraded 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 given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Financial Institutions Stock Up 0.3%

The company has a 50-day moving average of $36.05 and a 200-day moving average of $33.66. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $766.67 million, a price-to-earnings ratio of 10.14 and a beta of 0.64.

Financial Institutions (NASDAQ:FISI) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.12. Financial Institutions had a return on equity of 13.08% and a net margin of 20.85%.The business had revenue of $62.67 million during the quarter, compared to the consensus estimate of $62.76 million. On average, equities analysts predict that Financial Institutions, Inc. will post 3.96 earnings per share for the current fiscal year.

Financial Institutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.3%. Financial Institutions’s dividend payout ratio (DPR) is currently 33.33%.

Hedge Funds Weigh In On Financial Institutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its stake 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 valued at $32,000 after purchasing an additional 1,134 shares during the last quarter. Royal Bank of Canada boosted its position in Financial Institutions by 31.6% in the first quarter. Royal Bank of Canada now owns 1,290 shares of the bank’s stock valued at $40,000 after buying an additional 310 shares during the last quarter. Comerica Bank boosted its position 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 buying an additional 469 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in 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 buying an additional 1,515 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its holdings in Financial Institutions by 44.8% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock worth $50,000 after buying an additional 497 shares during the period. Hedge funds and other institutional investors own 60.45% of the company’s stock.

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.