Financial Institutions (NASDAQ:FISI) Sets New 1-Year High – Here’s What Happened

Financial Institutions, Inc. (NASDAQ:FISI) reached a new 52-week high during trading on Friday . The stock traded as high as $37.50 and last traded at $36.8350, with a volume of 14128 shares changing hands. The stock had previously closed at $36.62.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Wall Street Zen downgraded Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings upgraded shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a report on Thursday, March 12th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.00.

Financial Institutions Stock Up 1.6%

The company has a market cap of $732.57 million, a P/E ratio of 9.69 and a beta of 0.64. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a fifty day moving average price of $34.26 and a two-hundred day moving average price of $32.70.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 13.08% and a net margin of 20.85%. On average, research analysts expect that Financial Institutions, Inc. will post 3.96 EPS for the current year.

Financial Institutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Friday, June 12th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Friday, June 12th. Financial Institutions’s dividend payout ratio is presently 33.33%.

Institutional Investors Weigh In On Financial Institutions

A number of institutional investors and hedge funds have recently bought and sold shares of FISI. Larson Financial Group LLC raised its position 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 buying an additional 1,134 shares during the last quarter. Royal Bank of Canada raised its position in Financial Institutions by 31.6% in the 1st quarter. Royal Bank of Canada now owns 1,290 shares of the bank’s stock valued at $40,000 after buying an additional 310 shares during the last quarter. Comerica Bank raised its position in Financial Institutions by 39.8% in the 3rd 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 last quarter. EverSource Wealth Advisors LLC raised its position in Financial Institutions by 679.4% in the 2nd 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 last quarter. Finally, CANADA LIFE ASSURANCE Co raised its position in Financial Institutions by 44.8% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock valued at $50,000 after buying an additional 497 shares during the last quarter. 60.45% of the stock is owned by hedge funds and other institutional investors.

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.