Financial Institutions (NASDAQ:FISI) Hits New 52-Week High – Here’s Why

Financial Institutions, Inc. (NASDAQ:FISI) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $36.53 and last traded at $35.93, with a volume of 120654 shares. The stock had previously closed at $36.22.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Piper Sandler restated a “neutral” rating and set a $36.00 target price (up from $34.00) on shares of Financial Institutions in a research note on Monday, February 2nd. Weiss Ratings upgraded shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research note on Thursday, March 12th. Wall Street Zen cut shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Financial Institutions from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Financial Institutions Stock Down 0.8%

The firm’s 50-day moving average price is $33.63 and its 200 day moving average price is $32.42. The company has a market capitalization of $707.46 million, a price-to-earnings ratio of 9.36 and a beta of 0.63. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, April 23rd. The bank reported $1.04 EPS for the quarter, beating the consensus estimate 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%. On average, sell-side analysts forecast that Financial Institutions, Inc. will post 3.96 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th will be given a $0.32 dividend. The ex-dividend date is Friday, June 12th. This represents a $1.28 annualized dividend and a dividend yield of 3.6%. Financial Institutions’s payout ratio is presently 33.33%.

Institutional Investors Weigh In On Financial Institutions

Several hedge funds and other institutional investors have recently made changes to their positions in FISI. Larson Financial Group LLC grew its holdings 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 valued at $32,000 after purchasing an additional 1,134 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of Financial Institutions by 31.6% during the 1st quarter. Royal Bank of Canada now owns 1,290 shares of the bank’s stock valued at $40,000 after purchasing an additional 310 shares during the last quarter. Comerica Bank grew its holdings in shares of Financial Institutions by 39.8% during the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after purchasing an additional 469 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Financial Institutions by 679.4% during the 2nd 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 during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its holdings in shares of Financial Institutions by 44.8% during the 4th 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. 60.45% of the stock is owned by 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.