Financial Institutions (NASDAQ:FISI) Price Target Raised to $45.00

Financial Institutions (NASDAQ:FISI) had its price target boosted by Keefe, Bruyette & Woods from $42.00 to $45.00 in a research note released on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the bank’s stock.

A number of other analysts also recently commented on the company. Wall Street Zen downgraded Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings reissued a “buy (b)” rating on shares of Financial Institutions in a research report on Monday, July 6th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Financial Institutions presently has a consensus rating of “Moderate Buy” and an average price target of $40.50.

Financial Institutions Trading Down 2.1%

Shares of FISI stock opened at $41.28 on Monday. Financial Institutions has a 52-week low of $24.62 and a 52-week high of $42.26. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86. The company has a 50-day simple moving average of $38.10 and a two-hundred day simple moving average of $34.78. The company has a market capitalization of $812.82 million, a price-to-earnings ratio of 10.24 and a beta of 0.63.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $1.04 EPS for the quarter, beating the consensus estimate of $0.93 by $0.11. Financial Institutions had a net margin of 21.78% and a return on equity of 13.54%. The firm had revenue of $64.31 million during the quarter, compared to analyst estimates of $63.54 million. Research analysts anticipate that Financial Institutions will post 3.96 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, June 12th. Financial Institutions’s dividend payout ratio is currently 31.76%.

Institutional Investors Weigh In On Financial Institutions

A number of hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC grew its holdings in Financial Institutions by 3,150.0% during the third 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 period. Royal Bank of Canada increased 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 worth $40,000 after buying an additional 310 shares during the last quarter. Comerica Bank raised its stake in shares of 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 period. EverSource Wealth Advisors LLC raised its stake in shares of 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 buying an additional 1,515 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its position 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 buying an additional 497 shares during the last quarter. 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.