Financial Institutions (NASDAQ:FISI) Hits New 52-Week High – Here’s Why

Financial Institutions, Inc. (NASDAQ:FISI) hit a new 52-week high on Thursday . The company traded as high as $36.53 and last traded at $35.93, with a volume of 120654 shares. The stock had previously closed at $36.22.

Analyst Ratings Changes

FISI has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods upped their target price on shares of Financial Institutions from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Weiss Ratings raised shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research report on Thursday, March 12th. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $36.00 target price (up from $34.00) on shares of Financial Institutions in a research report on Monday, February 2nd. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Financial Institutions Trading Down 0.8%

The firm has a market cap of $707.46 million, a P/E ratio of 9.36 and a beta of 0.63. The business’s 50-day moving average is $33.63 and its two-hundred day moving average is $32.42. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86.

Financial Institutions (NASDAQ:FISI) last released its earnings results on Thursday, April 23rd. The bank reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.12. The business had revenue of $62.67 million during the quarter, compared to the consensus estimate of $62.76 million. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. As a group, analysts predict that Financial Institutions, Inc. will post 3.96 earnings per share for the current fiscal year.

Financial Institutions Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th will be paid a $0.32 dividend. The ex-dividend date is Friday, June 12th. This represents a $1.28 dividend on an annualized basis and a yield of 3.6%. Financial Institutions’s dividend payout ratio (DPR) is currently 33.33%.

Institutional Trading of Financial Institutions

A number of large investors have recently added to or reduced their stakes in FISI. AQR Capital Management LLC lifted its stake in Financial Institutions by 12.2% in the first quarter. AQR Capital Management LLC now owns 97,206 shares of the bank’s stock valued at $2,426,000 after acquiring an additional 10,590 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Financial Institutions by 30.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank’s stock valued at $283,000 after acquiring an additional 2,617 shares during the last quarter. Empowered Funds LLC lifted its stake in Financial Institutions by 7.1% in the first quarter. Empowered Funds LLC now owns 74,841 shares of the bank’s stock valued at $1,868,000 after acquiring an additional 4,979 shares during the last quarter. Jane Street Group LLC acquired a new stake in Financial Institutions in the first quarter valued at $375,000. Finally, Creative Planning lifted its stake in Financial Institutions by 28.7% in the second quarter. Creative Planning now owns 17,072 shares of the bank’s stock valued at $438,000 after acquiring an additional 3,809 shares during the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.

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.