Financial Institutions (NASDAQ:FISI) Upgraded at Wall Street Zen

by · The Markets Daily

Wall Street Zen upgraded shares of Financial Institutions (NASDAQ:FISI – Free Report) from a hold rating to a buy rating in a research note issued to investors on Sunday.

Several other equities research analysts have also recently commented on FISI. Zacks Research raised shares of Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Financial Institutions in a research note on Monday, December 22nd. Keefe, Bruyette & Woods upped their price objective on shares of Financial Institutions from $34.00 to $35.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $34.00 target price on shares of Financial Institutions in a research note on Wednesday, December 17th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Financial Institutions has a consensus rating of “Hold” and a consensus price target of $33.67.

Read Our Latest Report on Financial Institutions

Financial Institutions Trading Down 0.8%

Shares of FISI opened at $31.35 on Friday. The stock has a market capitalization of $631.08 million, a P/E ratio of -22.88 and a beta of 0.72. Financial Institutions has a twelve month low of $20.97 and a twelve month high of $33.00. 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 fifty day simple moving average of $30.29 and a two-hundred day simple moving average of $27.86.

Financial Institutions (NASDAQ:FISI – Get Free Report) last released its quarterly earnings data on Monday, November 3rd. The bank reported $0.99 earnings per share (EPS) for the quarter. Financial Institutions had a negative net margin of 2.93% and a positive return on equity of 11.10%. The firm had revenue of $63.85 million for the quarter. On average, research analysts anticipate that Financial Institutions will post 3.3 EPS for the current year.

Financial Institutions Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a dividend of $0.31 per share. The ex-dividend date is Monday, December 15th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.0%. Financial Institutions’s dividend payout ratio is presently -90.51%.

Financial Institutions announced that its Board of Directors has approved a stock repurchase plan on Monday, September 22nd that allows the company to buyback $1.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 0.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Financial Institutions

Institutional investors have recently modified their holdings of the business. PL Capital Advisors LLC increased its holdings in Financial Institutions by 30.4% in the 3rd quarter. PL Capital Advisors LLC now owns 1,774,886 shares of the bank’s stock worth $48,277,000 after buying an additional 413,376 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Financial Institutions by 89.4% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 775,171 shares of the bank’s stock valued at $19,348,000 after acquiring an additional 365,924 shares during the last quarter. Fourthstone LLC grew its stake in shares of Financial Institutions by 54.8% in the second quarter. Fourthstone LLC now owns 846,661 shares of the bank’s stock worth $21,742,000 after acquiring an additional 299,574 shares during the period. ProShare Advisors LLC purchased a new position in shares of Financial Institutions during the second quarter valued at approximately $6,069,000. Finally, Wellington Management Group LLP raised its holdings in shares of Financial Institutions by 34.1% during the third quarter. Wellington Management Group LLP now owns 736,825 shares of the bank’s stock valued at $20,042,000 after purchasing an additional 187,298 shares during the last quarter. 60.45% of the stock is owned by hedge funds and other 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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