Financial Institutions (NASDAQ:FISI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Financial Institutions (NASDAQ:FISI) from a hold rating to a buy rating in a report published on Saturday morning.

FISI has been the topic of several other reports. Zacks Research upgraded Financial Institutions to a “hold” rating in a research note on Thursday, December 18th. Piper Sandler restated a “neutral” rating and set a $36.00 price target (up previously from $34.00) on shares of Financial Institutions in a report on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Financial Institutions in a research report on Monday, December 29th. Finally, Keefe, Bruyette & Woods boosted their price objective on Financial Institutions from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Financial Institutions currently has a consensus rating of “Hold” and an average target price of $35.33.

Financial Institutions Trading Up 1.0%

NASDAQ FISI opened at $34.41 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $692.67 million, a price-to-earnings ratio of 9.53 and a beta of 0.70. The firm has a 50 day simple moving average of $32.53 and a 200-day simple moving average of $29.40. Financial Institutions has a one year low of $20.97 and a one year high of $35.47.

Financial Institutions (NASDAQ:FISI) last released its earnings results on Thursday, January 29th. The bank reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Financial Institutions had a net margin of 19.81% and a return on equity of 12.75%. The company had revenue of $64.12 million for the quarter, compared to analyst estimates of $62.99 million. Equities research analysts anticipate that Financial Institutions will post 3.3 EPS for the current fiscal year.

Financial Institutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Friday, March 13th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.28 annualized dividend and a dividend yield of 3.7%. This is an increase from Financial Institutions’s previous quarterly dividend of $0.31. Financial Institutions’s payout ratio is currently 34.35%.

Hedge Funds Weigh In On Financial Institutions

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Larson Financial Group LLC raised its holdings in Financial Institutions by 3,150.0% during the third 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 in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Financial Institutions by 44.8% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock valued at $50,000 after acquiring an additional 497 shares during the period. Comerica Bank boosted its holdings in shares of Financial Institutions by 39.8% in the third quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after acquiring an additional 469 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Financial Institutions by 679.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock worth $45,000 after acquiring an additional 1,515 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new position in shares of Financial Institutions in the 3rd quarter valued at $53,000. 60.45% of the stock is owned by institutional investors and hedge funds.

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.