Financial Institutions (NASDAQ:FISI) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Financial Institutions (NASDAQ:FISIGet Rating) from a hold rating to a buy rating in a research report sent to investors on Monday, Zacks.com reports. The brokerage currently has $31.00 price objective on the bank’s stock.

According to Zacks, “Financial Institution Inc. is a bank holding company. The banks provide a wide range of consumer and commercial banking services and products to individuals, municipalities and small and medium size businesses, including agribusiness. While the banks function as community banks, the company strives to provide their customers with a broad range of competitive services generally provided only by larger, regional banks. “

Separately, StockNews.com began coverage on Financial Institutions in a research note on Thursday, March 31st. They set a buy rating on the stock.

FISI opened at $27.93 on Monday. The company has a market capitalization of $433.67 million, a PE ratio of 6.29 and a beta of 1.06. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.15. Financial Institutions has a 52 week low of $27.32 and a 52 week high of $34.43. The company has a fifty day moving average price of $30.59.

Financial Institutions (NASDAQ:FISIGet Rating) last announced its quarterly earnings data on Wednesday, April 27th. The bank reported $0.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.17. Financial Institutions had a return on equity of 15.05% and a net margin of 33.70%. During the same quarter in the previous year, the company earned $1.27 EPS. As a group, equities research analysts predict that Financial Institutions will post 3.47 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 4th. Stockholders of record on Friday, March 18th were paid a dividend of $0.29 per share. This is a boost from Financial Institutions’s previous quarterly dividend of $0.27. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend was Thursday, March 17th. Financial Institutions’s dividend payout ratio (DPR) is 26.13%.

Several large investors have recently made changes to their positions in the company. Raymond James & Associates boosted its holdings in shares of Financial Institutions by 3.0% during the fourth quarter. Raymond James & Associates now owns 11,375 shares of the bank’s stock worth $362,000 after purchasing an additional 326 shares during the period. Voya Investment Management LLC boosted its holdings in shares of Financial Institutions by 2.0% during the third quarter. Voya Investment Management LLC now owns 20,592 shares of the bank’s stock worth $631,000 after purchasing an additional 408 shares during the period. Deutsche Bank AG boosted its holdings in shares of Financial Institutions by 5.5% during the fourth quarter. Deutsche Bank AG now owns 9,500 shares of the bank’s stock worth $302,000 after purchasing an additional 492 shares during the period. First Trust Advisors LP boosted its holdings in shares of Financial Institutions by 7.3% during the fourth quarter. First Trust Advisors LP now owns 7,350 shares of the bank’s stock worth $234,000 after purchasing an additional 499 shares during the period. Finally, Cutler Capital Management LLC boosted its holdings in shares of Financial Institutions by 1.5% during the fourth quarter. Cutler Capital Management LLC now owns 33,000 shares of the bank’s stock worth $1,049,000 after purchasing an additional 500 shares during the period. 68.82% of the stock is currently owned by hedge funds and other institutional investors.

Financial Institutions Company Profile (Get Rating)

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 offers checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts.

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