Financial Institutions (NASDAQ:FISI) Announces Quarterly Earnings Results

Financial Institutions (NASDAQ:FISI) posted its quarterly earnings data on Thursday. The bank reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01, Zacks reports. Financial Institutions had a negative net margin of 2.93% and a positive return on equity of 11.10%.

Financial Institutions Price Performance

Shares of Financial Institutions stock traded up $0.96 on Thursday, reaching $32.93. The stock had a trading volume of 170,950 shares, compared to its average volume of 127,587. The business’s 50 day moving average is $31.54 and its two-hundred day moving average is $28.69. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.19. Financial Institutions has a 1 year low of $20.97 and a 1 year high of $33.73. The company has a market cap of $662.91 million, a P/E ratio of -24.04 and a beta of 0.70.

Financial Institutions Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Monday, December 15th were given a dividend of $0.31 per share. The ex-dividend date was Monday, December 15th. This represents a $1.24 annualized dividend and a dividend yield of 3.8%. Financial Institutions’s dividend payout ratio is currently -90.51%.

Institutional Trading of Financial Institutions

Several institutional investors and hedge funds have recently bought and sold shares of the company. Larson Financial Group LLC boosted its holdings in Financial Institutions by 3,150.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock valued at $32,000 after purchasing an additional 1,134 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Financial Institutions by 679.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock worth $45,000 after buying an additional 1,515 shares in the last quarter. Comerica Bank boosted its stake in Financial Institutions by 39.8% during the third quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after buying an additional 469 shares during the period. Advisory Services Network LLC purchased a new position in Financial Institutions during the third quarter worth about $53,000. Finally, BNP Paribas Financial Markets increased its stake in Financial Institutions by 461.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,042 shares of the bank’s stock worth $155,000 after acquiring an additional 4,966 shares during the last quarter. 60.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FISI has been the topic of several analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Financial Institutions in a report on Monday, December 29th. Wall Street Zen raised shares of Financial Institutions from a “hold” rating to a “buy” rating in a research report on Sunday, December 28th. Zacks Research raised Financial Institutions to a “hold” rating in a report on Thursday, December 18th. Keefe, Bruyette & Woods increased their price target on Financial Institutions from $34.00 to $35.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Finally, Piper Sandler reissued a “neutral” rating and issued a $34.00 price objective on shares of Financial Institutions in a research report on Wednesday, December 17th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Financial Institutions presently has an average rating of “Hold” and an average price target of $33.67.

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.