Financial Institutions, Inc. (NASDAQ:FISI) Receives $35.33 Consensus Target Price from Analysts

Shares of Financial Institutions, Inc. (NASDAQ:FISI) have earned an average recommendation of “Hold” from the five ratings firms that are currently covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $35.3333.

FISI has been the subject of several analyst reports. Piper Sandler reissued a “neutral” rating and issued a $36.00 price target (up from $34.00) on shares of Financial Institutions in a research note on Monday, February 2nd. Keefe, Bruyette & Woods lifted their price target on shares of Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Wall Street Zen upgraded Financial Institutions from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Zacks Research upgraded Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Financial Institutions in a research note on Monday, December 29th.

Financial Institutions Stock Down 0.2%

NASDAQ FISI opened at $30.73 on Thursday. The business’s fifty day simple moving average is $32.59 and its 200-day simple moving average is $30.13. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.19. The firm has a market cap of $618.59 million, a PE ratio of 8.51 and a beta of 0.69. Financial Institutions has a 52 week low of $20.97 and a 52 week high of $35.47.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Thursday, January 29th. The bank reported $0.96 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $64.12 million during the quarter, compared to analyst estimates of $62.99 million. As a group, equities analysts anticipate that Financial Institutions will post 3.3 earnings per share for the current year.

Financial Institutions Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 2nd. Investors of record on Friday, March 13th will be issued a $0.32 dividend. This is an increase from Financial Institutions’s previous quarterly dividend of $0.31. The ex-dividend date is Friday, March 13th. This represents a $1.28 annualized dividend and a yield of 4.2%. Financial Institutions’s payout ratio is presently 34.35%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC increased its position in shares of Financial Institutions by 12.2% during the first quarter. AQR Capital Management LLC now owns 97,206 shares of the bank’s stock valued at $2,426,000 after acquiring an additional 10,590 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Financial Institutions by 30.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank’s stock valued at $283,000 after acquiring an additional 2,617 shares during the period. Empowered Funds LLC lifted its holdings in shares of Financial Institutions by 7.1% in the 1st quarter. Empowered Funds LLC now owns 74,841 shares of the bank’s stock worth $1,868,000 after acquiring an additional 4,979 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Financial Institutions during the 1st quarter worth approximately $375,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Financial Institutions during the 2nd quarter worth approximately $470,000. Hedge funds and other 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.