Financial Institutions (NASDAQ:FISI) Announces Earnings Results, Beats Estimates By $0.11 EPS

Financial Institutions (NASDAQ:FISI) announced its quarterly earnings results on Thursday. The bank reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11, FiscalAI reports. The firm had revenue of $64.31 million for the quarter, compared to the consensus estimate of $63.54 million. Financial Institutions had a return on equity of 13.08% and a net margin of 20.85%.

Financial Institutions Stock Performance

Shares of FISI stock traded down $0.17 on Thursday, hitting $38.72. The company’s stock had a trading volume of 159,143 shares, compared to its average volume of 149,242. Financial Institutions has a fifty-two week low of $24.62 and a fifty-two week high of $40.40. The company has a market capitalization of $762.40 million, a PE ratio of 10.08 and a beta of 0.63. The stock’s 50 day moving average is $37.46 and its 200-day moving average is $34.45. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86.

Financial Institutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Friday, June 12th. Financial Institutions’s payout ratio is presently 33.33%.

Institutional Investors Weigh In On Financial Institutions

A number of hedge funds and other institutional investors have recently made changes to their positions in FISI. Larson Financial Group LLC grew its position 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 buying an additional 1,134 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Financial Institutions by 679.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock worth $45,000 after purchasing an additional 1,515 shares in the last quarter. Comerica Bank grew its holdings in shares of Financial Institutions by 39.8% during the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock worth $45,000 after purchasing an additional 469 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position 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 worth $50,000 after purchasing an additional 497 shares during the period. Finally, Advisory Services Network LLC bought a new position in shares of Financial Institutions in the third quarter worth $53,000. 60.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Financial Institutions in a report on Monday, July 6th. Wall Street Zen cut shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

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.