Financial Institutions (NASDAQ:FISI) Reaches New 52-Week High – Still a Buy?

Financial Institutions, Inc. (NASDAQ:FISI) reached a new 52-week high on Tuesday . The company traded as high as $38.62 and last traded at $38.52, with a volume of 116476 shares. The stock had previously closed at $37.89.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on FISI shares. Weiss Ratings raised 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. 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 currently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Financial Institutions Trading Up 1.6%

The company has a fifty day moving average of $35.51 and a 200-day moving average of $33.35. 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 0.64.

Financial Institutions (NASDAQ:FISI) last announced its earnings results on Thursday, April 23rd. The bank reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.12. The business had revenue of $62.67 million during the quarter, compared to analysts’ expectations of $62.76 million. Financial Institutions had a return on equity of 13.08% and a net margin of 20.85%. As a group, equities research analysts anticipate that Financial Institutions, Inc. will post 3.96 earnings per share for the current fiscal year.

Financial Institutions Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th will be issued a dividend of $0.32 per share. 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 is presently 33.33%.

Hedge Funds Weigh In On Financial Institutions

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. grew its holdings in Financial Institutions by 10.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 377,740 shares of the bank’s stock valued at $10,275,000 after buying an additional 34,906 shares in the last quarter. PL Capital Advisors LLC raised its holdings in shares of Financial Institutions by 1.6% during the 4th quarter. PL Capital Advisors LLC now owns 1,802,791 shares of the bank’s stock worth $56,193,000 after acquiring an additional 27,905 shares during the period. GSA Capital Partners LLP acquired a new position in shares of Financial Institutions during the 3rd quarter valued at about $497,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Financial Institutions in the first quarter valued at about $7,391,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Financial Institutions in the first quarter valued at about $369,000. 60.45% of the stock is owned by hedge funds and other 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.