Financial Institutions (NASDAQ:FISI) Sets New 1-Year High Following Better-Than-Expected Earnings

Financial Institutions, Inc. (NASDAQ:FISI)’s stock price hit a new 52-week high on Friday following a stronger than expected earnings report. The company traded as high as $40.85 and last traded at $40.7690, with a volume of 138599 shares traded. The stock had previously closed at $38.72.

The bank reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The business had revenue of $64.31 million for the quarter, compared to analyst estimates of $63.54 million. Financial Institutions had a return on equity of 13.08% and a net margin of 20.85%.

Financial Institutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were issued a dividend of $0.32 per share. The ex-dividend date was Friday, June 12th. This represents a $1.28 annualized dividend and a yield of 3.1%. Financial Institutions’s dividend payout ratio is 33.33%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Financial Institutions in a research note on Monday, July 6th. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Financial Institutions presently has an average rating of “Moderate Buy” and an average price target of $37.00.

Institutional Trading of Financial Institutions

Several institutional investors have recently modified their holdings of the stock. PL Capital Advisors LLC grew its position in shares of Financial Institutions by 1.6% in the 4th quarter. PL Capital Advisors LLC now owns 1,802,791 shares of the bank’s stock valued at $56,193,000 after buying an additional 27,905 shares during the last quarter. Vanguard Group Inc. boosted its stake in Financial Institutions by 3.8% in the third quarter. Vanguard Group Inc. now owns 1,095,428 shares of the bank’s stock valued at $29,796,000 after acquiring an additional 40,240 shares in the last quarter. Wellington Management Group LLP boosted its stake in Financial Institutions by 42.4% in the fourth quarter. Wellington Management Group LLP now owns 1,049,295 shares of the bank’s stock valued at $32,707,000 after acquiring an additional 312,470 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in shares of Financial Institutions by 19.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 972,043 shares of the bank’s stock worth $30,299,000 after purchasing an additional 160,825 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Financial Institutions by 0.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 955,906 shares of the bank’s stock worth $29,796,000 after purchasing an additional 4,801 shares during the last quarter. Hedge funds and other institutional investors own 60.45% of the company’s stock.

Financial Institutions Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $804.43 million, a price-to-earnings ratio of 10.64 and a beta of 0.63. The stock has a 50-day moving average price of $37.55 and a 200 day moving average price of $34.51.

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.