Piper Sandler Reiterates “Hold” Rating for Financial Institutions (NASDAQ:FISI)

Financial Institutions (NASDAQ:FISI)‘s stock had its “hold” rating reiterated by investment analysts at Piper Sandler in a research report issued on Wednesday, Marketbeat.com reports. They presently have a $34.00 price objective on the bank’s stock. Piper Sandler’s target price suggests a potential upside of 3.90% from the company’s current price.

A number of other brokerages have also weighed in on FISI. Wall Street Zen upgraded shares of Financial Institutions from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Financial Institutions in a research report on Monday. Finally, Keefe, Bruyette & Woods lifted their target price on Financial Institutions from $34.00 to $35.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $33.67.

Financial Institutions Trading Up 1.6%

Shares of FISI traded up $0.51 during midday trading on Wednesday, hitting $32.73. The stock had a trading volume of 10,178 shares, compared to its average volume of 147,364. Financial Institutions has a fifty-two week low of $20.97 and a fifty-two week high of $33.00. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.19. The firm has a market cap of $658.75 million, a P/E ratio of -23.88 and a beta of 0.72. The business has a 50-day simple moving average of $29.33 and a two-hundred day simple moving average of $27.45.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings data on Monday, November 3rd. The bank reported $0.99 earnings per share (EPS) for the quarter. Financial Institutions had a negative net margin of 2.93% and a positive return on equity of 11.10%. The business had revenue of $63.85 million during the quarter. As a group, equities analysts forecast that Financial Institutions will post 3.3 EPS for the current year.

Financial Institutions announced that its board has initiated a share buyback plan on Monday, September 22nd that authorizes the company to buyback $1.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 0.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Financial Institutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FISI. Larson Financial Group LLC increased 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 worth $32,000 after buying an additional 1,134 shares during the last quarter. Comerica Bank grew its position in Financial Institutions by 39.8% during the third quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after acquiring an additional 469 shares during the period. EverSource Wealth Advisors LLC grew its position in Financial Institutions by 679.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after acquiring an additional 1,515 shares during the period. Advisory Services Network LLC purchased a new position in shares of Financial Institutions in the 3rd quarter worth about $53,000. Finally, Allworth Financial LP raised its holdings in Financial Institutions by 925.2% in the second quarter. Allworth Financial LP now owns 2,850 shares of the bank’s stock valued at $73,000 after buying an additional 2,572 shares during the period. Hedge funds and other institutional investors own 60.45% of the company’s stock.

Financial Institutions Company Profile

Financial Institutions, Inc operates as a holding company for the Five Star Bank, a chartered bank that provides banking and financial services to individuals, municipalities, and businesses in New York. The company provides checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts, as well as NOW accounts.