Financial Institutions (NASDAQ:FISI) Reaches New 1-Year High – Here’s Why

Financial Institutions, Inc. (NASDAQ:FISI)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $38.62 and last traded at $38.52, with a volume of 116476 shares trading hands. The stock had previously closed at $37.89.

Wall Street Analyst Weigh In

Several analysts have recently commented on FISI shares. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings upgraded Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research report on Thursday, March 12th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Financial Institutions Price 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 company has a market cap of $758.26 million, a price-to-earnings ratio of 10.03 and a beta of 0.64. The stock’s 50-day simple moving average is $35.51 and its 200 day simple moving average is $33.35.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.12. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. The business had revenue of $62.67 million for the quarter, compared to the consensus estimate of $62.76 million. On average, equities research analysts anticipate that Financial Institutions, Inc. will post 3.96 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Friday, June 12th. Financial Institutions’s dividend payout ratio is 33.33%.

Institutional Investors Weigh In On Financial Institutions

A number of institutional investors have recently modified their holdings of FISI. PL Capital Advisors LLC lifted its stake in Financial Institutions by 1.6% during the 4th quarter. PL Capital Advisors LLC now owns 1,802,791 shares of the bank’s stock worth $56,193,000 after acquiring an additional 27,905 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Financial Institutions by 3.8% during the 3rd 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 during the period. Wellington Management Group LLP grew its position in Financial Institutions by 42.4% in the 4th 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 position in Financial Institutions by 19.8% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 972,043 shares of the bank’s stock valued at $30,299,000 after acquiring an additional 160,825 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in 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 period. 60.45% of the stock is owned by institutional investors and hedge funds.

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.