Financial Institutions (NASDAQ:FISI) Announces Earnings Results, Beats Estimates By $0.01 EPS

by · The Cerbat Gem

Financial Institutions (NASDAQ:FISI – Get Free Report) announced its quarterly earnings results on Thursday. The bank reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01, Zacks reports. Financial Institutions had a positive return on equity of 11.10% and a negative net margin of 2.93%.

Financial Institutions Stock Up 3.0%

Shares of FISI traded up $0.96 during trading hours on Thursday, reaching $32.93. The stock had a trading volume of 170,950 shares, compared to its average volume of 127,587. The firm has a 50-day simple moving average of $31.54 and a 200 day simple moving average of $28.69. Financial Institutions has a 12 month low of $20.97 and a 12 month high of $33.73. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $662.91 million, a price-to-earnings ratio of -24.04 and a beta of 0.70.

Financial Institutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Monday, December 15th. Financial Institutions’s dividend payout ratio (DPR) is currently -90.51%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on FISI shares. Weiss Ratings restated a “hold (c-)” rating on shares of Financial Institutions in a research note on Monday, December 29th. Wall Street Zen upgraded Financial Institutions from a “hold” rating to a “buy” rating in a research report on Sunday, December 28th. Zacks Research upgraded shares of Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Keefe, Bruyette & Woods lifted their price target on Financial Institutions from $34.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. Finally, Piper Sandler restated a “neutral” rating and issued a $34.00 price target on shares of Financial Institutions in a research report on Wednesday, December 17th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Financial Institutions presently has an average rating of “Hold” and an average price target of $33.67.

View Our Latest Stock Analysis on Financial Institutions

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Advisory Services Network LLC bought a new stake in shares of Financial Institutions during the third quarter worth about $53,000. Qube Research & Technologies Ltd acquired a new position in Financial Institutions during the 3rd quarter valued at about $320,000. Numerai GP LLC bought a new stake in Financial Institutions during the 3rd quarter worth approximately $899,000. Millennium Management LLC increased its holdings in Financial Institutions by 102.9% during the 3rd quarter. Millennium Management LLC now owns 184,618 shares of the bank’s stock worth $5,022,000 after purchasing an additional 93,626 shares in the last quarter. Finally, Larson Financial Group LLC raised its stake in shares of Financial Institutions by 3,150.0% in the third quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock worth $32,000 after purchasing an additional 1,134 shares during the last quarter. 60.45% of the stock is owned by institutional investors.

About Financial Institutions

(Get Free Report)

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.

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