Financial Institutions (NASDAQ:FISI) Price Target Raised to $38.00

Financial Institutions (NASDAQ:FISI) had its price target increased by Keefe, Bruyette & Woods from $35.00 to $38.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an outperform rating on the bank’s stock.

FISI has been the subject of a number of other reports. Zacks Research raised Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Weiss Ratings reaffirmed 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 $36.00 price target (up from $34.00) on shares of Financial Institutions in a research report on Monday. Finally, Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. One investment 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 currently has an average rating of “Hold” and an average target price of $35.33.

Financial Institutions Stock Up 1.5%

Shares of NASDAQ FISI opened at $34.78 on Monday. The company has a market capitalization of $700.12 million, a P/E ratio of 9.63 and a beta of 0.70. 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 company has a 50 day simple moving average of $31.94 and a 200-day simple moving average of $28.93. Financial Institutions has a 1 year low of $20.97 and a 1 year high of $35.15.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings data on Thursday, January 29th. The bank reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The firm had revenue of $64.12 million for the quarter, compared to analysts’ expectations of $62.99 million. Financial Institutions had a return on equity of 12.75% and a net margin of 19.81%. On average, equities research analysts predict that Financial Institutions will post 3.3 earnings per share for the current year.

Financial Institutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Monday, December 15th. Financial Institutions’s dividend payout ratio is presently 34.35%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. PL Capital Advisors LLC raised its position in shares of Financial Institutions by 30.4% during the 3rd quarter. PL Capital Advisors LLC now owns 1,774,886 shares of the bank’s stock worth $48,277,000 after acquiring an additional 413,376 shares in the last quarter. Geode Capital Management LLC increased its stake in Financial Institutions by 6.2% in the second quarter. Geode Capital Management LLC now owns 477,865 shares of the bank’s stock valued at $12,274,000 after purchasing an additional 27,770 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its holdings in Financial Institutions by 98.3% during the second quarter. Dynamic Technology Lab Private Ltd now owns 31,811 shares of the bank’s stock worth $817,000 after purchasing an additional 15,768 shares in the last quarter. Allworth Financial LP lifted its position in shares of Financial Institutions by 925.2% during the 2nd quarter. Allworth Financial LP now owns 2,850 shares of the bank’s stock worth $73,000 after buying an additional 2,572 shares during the last quarter. Finally, Bayview Asset Management LLC lifted its position in shares of Financial Institutions by 9.4% during the 2nd quarter. Bayview Asset Management LLC now owns 87,584 shares of the bank’s stock worth $2,249,000 after buying an additional 7,499 shares during the last quarter. Hedge funds and other institutional investors 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.