Financial Institutions, Inc. (NASDAQ:FISI – Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $42.60 and last traded at $42.42, with a volume of 10977 shares. The stock had previously closed at $41.46.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on FISI. Weiss Ratings reiterated a “buy (b)” rating on shares of Financial Institutions in a research report on Monday, July 6th. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Keefe, Bruyette & Woods upped their price objective on shares of Financial Institutions from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $45.00 price objective (up from $38.00) on shares of Financial Institutions in a report on Monday. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.00.
Read Our Latest Research Report on FISI
Financial Institutions Stock Up 0.3%
Financial Institutions (NASDAQ:FISI – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. Financial Institutions had a net margin of 21.78% and a return on equity of 13.54%. The firm had revenue of $64.31 million during the quarter, compared to analyst estimates of $63.54 million. On average, equities analysts expect that Financial Institutions, Inc. will post 4.21 EPS for the current year.
Financial Institutions Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.0%. The ex-dividend date was Friday, June 12th. Financial Institutions’s payout ratio is presently 31.76%.
Institutional Trading of Financial Institutions
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. PL Capital Advisors LLC lifted its holdings in Financial Institutions by 1.6% in the fourth quarter. PL Capital Advisors LLC now owns 1,802,791 shares of the bank’s stock valued at $56,193,000 after acquiring an additional 27,905 shares during the last quarter. Vanguard Group Inc. increased its stake in Financial Institutions by 3.8% during the third 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 last quarter. Wellington Management Group LLP increased its stake in Financial Institutions by 42.4% during the fourth 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 last quarter. Adage Capital Partners GP L.L.C. raised its position in Financial Institutions by 19.8% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 972,043 shares of the bank’s stock valued at $30,299,000 after purchasing an additional 160,825 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Financial Institutions by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 955,906 shares of the bank’s stock valued at $29,796,000 after purchasing an additional 4,801 shares during the period. Institutional investors and hedge funds 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.
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