Financial Institutions (FISI) Lowered to “Strong Sell” at BidaskClub

Financial Institutions (NASDAQ:FISI) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued on Saturday.

Several other analysts also recently commented on the stock. Zacks Investment Research upgraded shares of Financial Institutions from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research report on Tuesday, November 27th. ValuEngine downgraded shares of Financial Institutions from a “hold” rating to a “sell” rating in a research report on Thursday, October 18th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. Financial Institutions currently has a consensus rating of “Hold” and a consensus target price of $34.67.

Shares of Financial Institutions stock opened at $27.41 on Friday. Financial Institutions has a 12-month low of $26.48 and a 12-month high of $34.35. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $443.03 million, a PE ratio of 14.13 and a beta of 0.91.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, October 25th. The bank reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. Financial Institutions had a net margin of 23.61% and a return on equity of 10.93%. The business had revenue of $40.72 million during the quarter, compared to analysts’ expectations of $39.20 million. As a group, research analysts expect that Financial Institutions will post 2.57 earnings per share for the current year.

In other Financial Institutions news, CEO Martin Kearney Birmingham purchased 2,000 shares of Financial Institutions stock in a transaction that occurred on Tuesday, October 30th. The stock was purchased at an average price of $28.44 per share, for a total transaction of $56,880.00. Following the transaction, the chief executive officer now directly owns 74,596 shares in the company, valued at $2,121,510.24. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.34% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position in Financial Institutions by 4.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,307,185 shares of the bank’s stock valued at $41,046,000 after purchasing an additional 61,163 shares during the last quarter. BlackRock Inc. raised its position in Financial Institutions by 2.2% during the 3rd quarter. BlackRock Inc. now owns 1,225,905 shares of the bank’s stock worth $38,495,000 after buying an additional 26,922 shares during the last quarter. Vanguard Group Inc. raised its position in Financial Institutions by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 677,773 shares of the bank’s stock worth $21,283,000 after buying an additional 6,996 shares during the last quarter. LSV Asset Management raised its position in Financial Institutions by 9.7% during the 2nd quarter. LSV Asset Management now owns 479,178 shares of the bank’s stock worth $15,764,000 after buying an additional 42,300 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in Financial Institutions by 20.2% during the 3rd quarter. Renaissance Technologies LLC now owns 388,600 shares of the bank’s stock worth $12,202,000 after buying an additional 65,400 shares during the last quarter. Hedge funds and other institutional investors own 71.18% of the company’s stock.

About Financial Institutions

Financial Institutions, Inc operates as the holding company for Five Star Bank that provides banking and financial services to individuals, municipalities, and businesses. It operates in two segments, Banking and Non-Banking. The company offers checking and savings account programs, including money market accounts, certificates of deposit, and sweep investments, as well as individual retirement and other qualified plan accounts.

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