Financial Institutions (NASDAQ:FISI) Hits New 12-Month High – Should You Buy?

Financial Institutions, Inc. (NASDAQ:FISI)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $38.47 and last traded at $37.9990, with a volume of 13272 shares traded. The stock had previously closed at $37.90.

Analysts Set New Price Targets

FISI has been the subject of several research reports. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings upgraded shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research note 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $37.00.

Financial Institutions Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $731.48 million, a P/E ratio of 9.67 and a beta of 0.64. The stock has a 50-day moving average of $35.21 and a two-hundred day moving average of $33.16.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings data 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. Financial Institutions had a return on equity of 13.08% and a net margin of 20.85%.The company had revenue of $62.67 million during the quarter, compared to analyst estimates of $62.76 million. On average, equities research analysts predict that Financial Institutions, Inc. will post 3.96 earnings per share for the current year.

Financial Institutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Friday, June 12th. Financial Institutions’s dividend payout ratio (DPR) is currently 33.33%.

Institutional Trading of Financial Institutions

Institutional investors and hedge funds have recently bought and sold shares of the company. Larson Financial Group LLC increased its stake in Financial Institutions by 3,150.0% during the 3rd 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 in the last quarter. Royal Bank of Canada increased its stake in Financial Institutions by 31.6% during the 1st quarter. Royal Bank of Canada now owns 1,290 shares of the bank’s stock valued at $40,000 after purchasing an additional 310 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in shares of Financial Institutions by 44.8% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock worth $50,000 after purchasing an additional 497 shares in the last quarter. Fifth Third Bancorp bought a new stake in shares of Financial Institutions in the 1st quarter worth $52,000. Finally, Comerica Bank increased its holdings in shares of Financial Institutions by 39.8% in the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock worth $45,000 after purchasing an additional 469 shares in the last quarter. 60.45% of the stock is currently owned by institutional investors.

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.