Financial Institutions, Inc. (NASDAQ:FISI – Get Free Report)’s stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $36.89 and traded as high as $40.78. Financial Institutions shares last traded at $40.64, with a volume of 412,120 shares traded.
Wall Street Analyst Weigh In
FISI has been the topic of several research reports. Weiss Ratings restated a “buy (b)” rating on shares of Financial Institutions in a research report on Monday, July 6th. Keefe, Bruyette & Woods increased their price objective on Financial Institutions from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Finally, Piper Sandler reissued a “neutral” rating and set a $45.00 price objective (up from $38.00) on shares of Financial Institutions in a research report on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.
View Our Latest Research Report on Financial Institutions
Financial Institutions Trading Down 0.2%
Financial Institutions (NASDAQ:FISI – Get Free Report) last released its earnings results on Thursday, July 23rd. The bank reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.11. The firm had revenue of $64.31 million during the quarter, compared to analyst estimates of $63.54 million. Financial Institutions had a net margin of 21.78% and a return on equity of 13.45%. On average, sell-side analysts forecast that Financial Institutions, Inc. will post 4.21 EPS for the current fiscal year.
Financial Institutions Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 3.1%. Financial Institutions’s payout ratio is presently 31.76%.
Hedge Funds Weigh In On Financial Institutions
Several institutional investors and hedge funds have recently modified their holdings of FISI. Bank of America Corp DE boosted its stake in Financial Institutions by 101.3% in the 1st quarter. Bank of America Corp DE now owns 119,691 shares of the bank’s stock worth $3,795,000 after purchasing an additional 60,234 shares in the last quarter. Sei Investments Co. grew its position in Financial Institutions by 205.0% during the 1st quarter. Sei Investments Co. now owns 51,480 shares of the bank’s stock valued at $1,632,000 after purchasing an additional 34,601 shares during the last quarter. Empowered Funds LLC bought a new stake in Financial Institutions during the 2nd quarter valued at about $4,254,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Financial Institutions during the 2nd quarter valued at about $1,619,000. Finally, GSA Capital Partners LLP purchased a new position in Financial Institutions in the second quarter worth about $1,459,000. 60.45% of the stock is currently owned by institutional investors.
About Financial Institutions
Financial Institutions, Inc (NASDAQ:FISI) is a financial services holding company headquartered in Western New York. Through its subsidiaries, the company provides banking, wealth management and insurance services to individuals, families, businesses and nonprofit organizations.
Its principal banking subsidiary, Five Star Bank, offers deposit accounts, residential and commercial lending, mortgages, credit cards, treasury management and other financial products. The company also provides investment management, trust and financial planning services through its wealth management operations, as well as personal and commercial insurance solutions through its insurance business.
Financial Institutions primarily serves communities across Western and Central New York through a network of banking offices and digital channels.
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