Financial Institutions (NASDAQ:FISI) Reaches New 12-Month High – Here’s What Happened

Financial Institutions, Inc. (NASDAQ:FISI)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $42.60 and last traded at $42.42, with a volume of 10977 shares trading hands. The stock had previously closed at $41.46.

Analysts Set New Price Targets

FISI has been the topic of a number of research analyst reports. Piper Sandler restated a “neutral” rating and set a $45.00 price target on shares of Financial Institutions in a report on Monday. Wall Street Zen cut Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Keefe, Bruyette & Woods lifted their price objective on Financial Institutions from $42.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Financial Institutions in a research note on Monday, July 6th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.

Financial Institutions Stock Performance

The company has a 50-day simple moving average of $38.34 and a two-hundred day simple moving average of $34.92. 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 firm has a market capitalization of $831.21 million, a P/E ratio of 10.47 and a beta of 0.63.

Financial Institutions (NASDAQ:FISI) last released its earnings results on Thursday, July 23rd. The bank reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. Financial Institutions had a return on equity of 13.54% and a net margin of 21.78%.The company had revenue of $64.31 million during the quarter, compared to analysts’ expectations of $63.54 million. As a group, equities analysts forecast that Financial Institutions, Inc. will post 3.96 EPS for the current year.

Financial Institutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.28 annualized dividend and a yield of 3.0%. Financial Institutions’s dividend payout ratio (DPR) is currently 31.76%.

Institutional Trading of Financial Institutions

A number of hedge funds have recently modified their holdings of FISI. Larson Financial Group LLC grew its position in shares of Financial Institutions by 3,150.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock worth $32,000 after buying an additional 1,134 shares during the period. Royal Bank of Canada lifted its position in 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 acquiring an additional 310 shares during the period. CANADA LIFE ASSURANCE Co lifted its position in 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 acquiring an additional 497 shares during the period. Fifth Third Bancorp bought a new stake in Financial Institutions during the first quarter worth about $52,000. Finally, Comerica Bank boosted its stake in Financial Institutions by 39.8% during the third quarter. Comerica Bank now owns 1,647 shares of the bank’s stock worth $45,000 after acquiring an additional 469 shares in 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.