Financial Institutions (NASDAQ:FISI) Stock Price Passes Above 200 Day Moving Average – Should You Sell?

Financial Institutions, Inc. (NASDAQ:FISI)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $32.10 and traded as high as $34.75. Financial Institutions shares last traded at $34.42, with a volume of 69,688 shares changing hands.

Analyst Upgrades and Downgrades

FISI has been the topic of several recent research reports. Wall Street Zen cut Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings upgraded Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a report on Thursday, March 12th. Piper Sandler reiterated a “neutral” rating and issued a $36.00 price target (up from $34.00) on shares of Financial Institutions in a report on Monday, February 2nd. Finally, Keefe, Bruyette & Woods raised their price target on Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, February 2nd. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Financial Institutions presently has an average rating of “Moderate Buy” and an average price target of $37.00.

Financial Institutions Stock Performance

The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13. The stock has a market cap of $691.12 million, a P/E ratio of 9.14 and a beta of 0.63. The stock has a fifty day simple moving average of $33.11 and a 200-day simple moving average of $32.18.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, April 23rd. The bank reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.12. Financial Institutions had a return on equity of 13.08% and a net margin of 20.85%.The firm had revenue of $62.67 million for the quarter, compared to analysts’ expectations of $62.76 million. Equities analysts expect that Financial Institutions, Inc. will post 3.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Financial Institutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC lifted its holdings 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 valued at $32,000 after purchasing an additional 1,134 shares in the last quarter. Royal Bank of Canada increased its stake in Financial Institutions by 31.6% during the 1st quarter. Royal Bank of Canada now owns 1,290 shares of the bank’s stock worth $40,000 after purchasing an additional 310 shares in the last quarter. Comerica Bank raised its holdings in Financial Institutions by 39.8% during the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock worth $45,000 after buying an additional 469 shares during the period. EverSource Wealth Advisors LLC raised its holdings 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 period. Finally, CANADA LIFE ASSURANCE Co raised its holdings in Financial Institutions by 44.8% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock worth $50,000 after buying an additional 497 shares during the period. Institutional investors own 60.45% of the company’s stock.

About Financial Institutions

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.