Financial Institutions (NASDAQ:FISI) Reaches New 1-Year High – Still a Buy?

Shares of Financial Institutions, Inc. (NASDAQ:FISI) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $33.00 and last traded at $32.63, with a volume of 19400 shares. The stock had previously closed at $32.40.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Piper Sandler reaffirmed a “neutral” rating and issued a $34.00 target price on shares of Financial Institutions in a research report on Wednesday. Keefe, Bruyette & Woods lifted their price target on shares of Financial Institutions from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. Wall Street Zen raised shares of Financial Institutions from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Financial Institutions in a research note on Monday. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $33.67.

Financial Institutions Stock Performance

The company has a 50-day moving average of $29.33 and a 200-day moving average of $27.45. The firm has a market capitalization of $648.59 million, a price-to-earnings ratio of -23.52 and a beta of 0.72. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.19.

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

Financial Institutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, December 15th. Financial Institutions’s dividend payout ratio is currently -90.51%.

Financial Institutions announced that its Board of Directors has authorized a share repurchase plan on Monday, September 22nd that allows the company to buyback $1.00 million in shares. This buyback authorization allows the bank to buy up to 0.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Financial Institutions

A number of hedge funds and other institutional investors have recently bought and sold shares of FISI. Larson Financial Group LLC raised its position 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 purchasing an additional 1,134 shares during the period. Comerica Bank boosted its position in Financial Institutions by 39.8% during the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after purchasing an additional 469 shares during the period. EverSource Wealth Advisors LLC grew its stake in Financial Institutions by 679.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock worth $45,000 after buying an additional 1,515 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Financial Institutions in the third quarter worth $53,000. Finally, Allworth Financial LP lifted its stake 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 last quarter. 60.45% of the stock is currently owned by institutional investors and hedge funds.

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.