Financial Institutions (NASDAQ:FISI) Upgraded at StockNews.com

StockNews.com upgraded shares of Financial Institutions (NASDAQ:FISI) from a sell rating to a hold rating in a research note published on Tuesday.

Several other brokerages have also recently weighed in on FISI. Keefe, Bruyette & Woods raised shares of Financial Institutions from a “market perform” rating to an “outperform” rating and raised their target price for the company from $29.00 to $34.00 in a report on Monday, February 3rd. Stephens reaffirmed an “equal weight” rating and issued a $33.00 target price on shares of Financial Institutions in a report on Friday, January 31st. Finally, Piper Sandler began coverage on shares of Financial Institutions in a report on Friday, December 20th. They issued an “overweight” rating and a $33.00 target price on the stock.

Financial Institutions Stock Performance

NASDAQ:FISI opened at $28.45 on Tuesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86. The company has a fifty day moving average of $27.18 and a two-hundred day moving average of $26.05. The stock has a market capitalization of $440.12 million, a PE ratio of -19.62 and a beta of 0.90. Financial Institutions has a fifty-two week low of $16.29 and a fifty-two week high of $29.34.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Thursday, January 30th. The bank reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.20). Financial Institutions had a negative net margin of 6.69% and a positive return on equity of 11.12%. As a group, research analysts forecast that Financial Institutions will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.22%. The ex-dividend date was Friday, December 13th. Financial Institutions’s dividend payout ratio is currently -82.76%.

Insider Activity

In related news, Director Robert N. Latella purchased 4,000 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was purchased at an average price of $25.00 per share, for a total transaction of $100,000.00. Following the acquisition, the director now directly owns 16,000 shares in the company, valued at $400,000. The trade was a 33.33 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.68% of the company’s stock.

Institutional Investors Weigh In On Financial Institutions

Several institutional investors and hedge funds have recently made changes to their positions in the company. R Squared Ltd acquired a new stake in Financial Institutions in the fourth quarter worth $30,000. Picton Mahoney Asset Management grew its stake in shares of Financial Institutions by 45.5% in the fourth quarter. Picton Mahoney Asset Management now owns 1,196 shares of the bank’s stock worth $32,000 after purchasing an additional 374 shares in the last quarter. US Bancorp DE grew its stake in shares of Financial Institutions by 119.3% in the third quarter. US Bancorp DE now owns 2,572 shares of the bank’s stock worth $66,000 after purchasing an additional 1,399 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Financial Institutions in the fourth quarter worth $87,000. Finally, SG Americas Securities LLC bought a new position in shares of Financial Institutions in the third quarter worth $164,000. 60.45% of the stock is owned by institutional investors and hedge funds.

About Financial Institutions

Financial Institutions, Inc operates as a holding company for the Five Star Bank, a chartered bank that provides banking and financial services to individuals, municipalities, and businesses in New York. The company provides checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts, as well as NOW accounts.