Financial Institutions (NASDAQ:FISI) Sets New 1-Year High – Here’s What Happened

Financial Institutions, Inc. (NASDAQ:FISI) reached a new 52-week high during trading on Friday . The company traded as high as $37.50 and last traded at $36.8350, with a volume of 14128 shares trading hands. The stock had previously closed at $36.62.

Analysts Set New Price Targets

A number of brokerages have issued reports on FISI. Weiss Ratings upgraded Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research note on Thursday, March 12th. Wall Street Zen downgraded 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 given a Hold rating to the stock. According to data from MarketBeat.com, Financial Institutions has an average rating of “Moderate Buy” and an average target price of $37.00.

Financial Institutions Price Performance

The stock has a market cap of $732.57 million, a P/E ratio of 9.69 and a beta of 0.64. 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 business has a 50 day simple moving average of $34.26 and a 200-day simple moving average of $32.70.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.12. The firm had revenue of $62.67 million during the quarter, compared to the consensus estimate of $62.76 million. Financial Institutions had a return on equity of 13.08% and a net margin of 20.85%. On average, sell-side analysts forecast that Financial Institutions, Inc. will post 3.96 EPS for the current year.

Financial Institutions Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th will be paid a dividend of $0.32 per share. The ex-dividend date is Friday, June 12th. This represents a $1.28 annualized dividend and a dividend yield of 3.4%. Financial Institutions’s dividend payout ratio is presently 33.33%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. PL Capital Advisors LLC grew its stake 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. Vanguard Group Inc. grew its stake in shares of Financial Institutions by 3.8% during the 3rd quarter. Vanguard Group Inc. now owns 1,095,428 shares of the bank’s stock worth $29,796,000 after acquiring an additional 40,240 shares during the period. Wellington Management Group LLP grew its stake in shares of Financial Institutions by 42.4% during the 4th quarter. Wellington Management Group LLP now owns 1,049,295 shares of the bank’s stock worth $32,707,000 after acquiring an additional 312,470 shares during the period. Adage Capital Partners GP L.L.C. grew its stake in shares of Financial Institutions by 19.8% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 972,043 shares of the bank’s stock worth $30,299,000 after acquiring an additional 160,825 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Financial Institutions by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 955,906 shares of the bank’s stock worth $29,796,000 after acquiring an additional 4,801 shares during the period. Institutional investors own 60.45% of the company’s stock.

About Financial Institutions

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.