Brokerages Set Financial Institutions, Inc. (NASDAQ:FISI) Price Target at $33.67

Shares of Financial Institutions, Inc. (NASDAQ:FISI) have been given an average recommendation of “Hold” by the five analysts that are presently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $33.6667.

Several equities research analysts have recently weighed in on FISI shares. Zacks Research raised shares of Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Keefe, Bruyette & Woods lifted their price objective on shares of Financial Institutions from $34.00 to $35.00 and gave the company an “outperform” rating in a report on Monday, October 27th. Weiss Ratings reissued a “hold (c-)” rating on shares of Financial Institutions in a research report on Monday, December 29th. Wall Street Zen upgraded Financial Institutions from a “hold” rating to a “buy” rating in a research note on Sunday, December 28th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $34.00 price objective on shares of Financial Institutions in a research report on Wednesday, December 17th.

Financial Institutions Stock Performance

Shares of Financial Institutions stock opened at $32.19 on Wednesday. The company has a market capitalization of $647.98 million, a PE ratio of -23.50 and a beta of 0.70. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.19. Financial Institutions has a 52 week low of $20.97 and a 52 week high of $33.00. The stock’s fifty day moving average is $31.04 and its two-hundred day moving average is $28.42.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Monday, November 3rd. The bank reported $0.99 EPS for the quarter. The business had revenue of $63.85 million for the quarter. Financial Institutions had a negative net margin of 2.93% and a positive return on equity of 11.10%. As a group, analysts expect that Financial Institutions will post 3.3 earnings per share for the current year.

Financial Institutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Monday, December 15th. Financial Institutions’s payout ratio is -90.51%.

Financial Institutions announced that its board has approved a share buyback plan on Monday, September 22nd that permits the company to buyback $1.00 million in shares. This buyback authorization permits the bank to reacquire up to 0.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Financial Institutions

A number of institutional investors have recently bought and sold shares of the stock. Larson Financial Group LLC lifted 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 valued at $32,000 after purchasing an additional 1,134 shares during the period. Comerica Bank boosted its holdings in Financial Institutions by 39.8% during the third quarter. Comerica Bank now owns 1,647 shares of the bank’s stock worth $45,000 after buying an additional 469 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Financial Institutions by 679.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after buying an additional 1,515 shares during the period. Advisory Services Network LLC purchased a new position in Financial Institutions in the third quarter valued at $53,000. Finally, Allworth Financial LP raised its position in shares of Financial Institutions by 925.2% in the second quarter. Allworth Financial LP now owns 2,850 shares of the bank’s stock worth $73,000 after acquiring an additional 2,572 shares during the period. 60.45% of the stock is currently owned by institutional investors and hedge funds.

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.