Financial Institutions (NASDAQ:FISI) Announces Earnings Results

Financial Institutions (NASDAQ:FISI) issued its quarterly earnings results on Thursday. The bank reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01, Zacks reports. Financial Institutions had a negative net margin of 2.93% and a positive return on equity of 11.10%.

Financial Institutions Stock Up 3.0%

FISI stock traded up $0.96 during trading on Thursday, hitting $32.93. 170,950 shares of the stock traded hands, compared to its average volume of 127,587. The stock has a market cap of $662.91 million, a price-to-earnings ratio of -24.04 and a beta of 0.70. Financial Institutions has a 1 year low of $20.97 and a 1 year high of $33.73. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.87 and a quick ratio of 0.87. The firm’s 50 day moving average is $31.54 and its two-hundred day moving average is $28.69.

Financial Institutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 15th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Monday, December 15th. Financial Institutions’s payout ratio is -90.51%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FISI. Weiss Ratings reissued a “hold (c-)” rating on shares of Financial Institutions in a research note on Monday, December 29th. Piper Sandler reiterated a “neutral” rating and set a $34.00 price objective on shares of Financial Institutions in a report on Wednesday, December 17th. Zacks Research upgraded Financial Institutions to a “hold” rating in a report on Thursday, December 18th. Keefe, Bruyette & Woods increased their price objective on shares of Financial Institutions from $34.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. Finally, Wall Street Zen raised Financial Institutions from a “hold” rating to a “buy” rating in a research report on Sunday, December 28th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Financial Institutions has a consensus rating of “Hold” and a consensus price target of $33.67.

Institutional Investors Weigh In On Financial Institutions

A number of institutional investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC increased its position in Financial Institutions by 3,150.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock valued at $32,000 after buying an additional 1,134 shares in the last quarter. Comerica Bank lifted its holdings 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 purchasing an additional 469 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of 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 last quarter. Advisory Services Network LLC purchased a new position in shares of Financial Institutions in the third quarter worth about $53,000. Finally, BNP Paribas Financial Markets raised its holdings in shares of Financial Institutions by 461.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,042 shares of the bank’s stock worth $155,000 after acquiring an additional 4,966 shares during the period. 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.