Financial Institutions (NASDAQ:FISI) Stock Crosses Above Two Hundred 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 $33.90 and traded as high as $39.43. Financial Institutions shares last traded at $38.51, with a volume of 134,528 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FISI. Wall Street Zen cut Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings restated a “buy (b)” rating on shares of Financial Institutions in a report on Monday. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Financial Institutions Stock Performance

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 $758.26 million, a price-to-earnings ratio of 10.03 and a beta of 0.63. The stock’s fifty day simple moving average is $36.53 and its 200-day simple moving average is $33.90.

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

Financial Institutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Friday, June 12th. Financial Institutions’s dividend payout ratio (DPR) is presently 33.33%.

Institutional Trading of Financial Institutions

Several hedge funds have recently added to or reduced their stakes in FISI. AQR Capital Management LLC lifted its position in shares of 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 purchasing an additional 10,590 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Financial Institutions by 30.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank’s stock valued at $283,000 after acquiring an additional 2,617 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Financial Institutions by 7.1% in the 1st quarter. Empowered Funds LLC now owns 74,841 shares of the bank’s stock valued at $1,868,000 after acquiring an additional 4,979 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Financial Institutions during the 1st quarter worth about $375,000. Finally, Creative Planning raised its position in shares of 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 acquiring an additional 3,809 shares in the last quarter. Institutional investors and hedge funds 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.