Financial Institutions (NASDAQ:FISI) Trading Up 8.4% Following Better-Than-Expected Earnings

Financial Institutions, Inc. (NASDAQ:FISI) was up 8.4% during trading on Friday following a better than expected earnings announcement. The company traded as high as $29.25 and last traded at $28.70. Approximately 28,182 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 151,498 shares. The stock had previously closed at $26.48.

The bank reported $0.99 EPS for the quarter, topping the consensus estimate of $0.88 by $0.11. The firm had revenue of $63.85 million during the quarter, compared to analysts’ expectations of $60.46 million. Financial Institutions had a negative net margin of 2.93% and a positive return on equity of 11.27%.

Financial Institutions Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 2nd. Shareholders of record on Monday, September 15th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Monday, September 15th. Financial Institutions’s dividend payout ratio (DPR) is -81.58%.

Financial Institutions declared that its Board of Directors has authorized a share buyback plan on Monday, September 22nd that authorizes the company to repurchase $1.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 0.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have weighed in on FISI shares. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Financial Institutions in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Financial Institutions has a consensus rating of “Hold” and an average target price of $33.00.

Hedge Funds Weigh In On Financial Institutions

Hedge funds and other institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its holdings in shares of Financial Institutions by 679.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after acquiring an additional 1,515 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Financial Institutions by 925.2% during the 2nd quarter. Allworth Financial LP now owns 2,850 shares of the bank’s stock valued at $73,000 after acquiring an additional 2,572 shares in the last quarter. Police & Firemen s Retirement System of New Jersey lifted its holdings in shares of Financial Institutions by 29.8% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 4,805 shares of the bank’s stock valued at $123,000 after acquiring an additional 1,103 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Financial Institutions by 461.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,042 shares of the bank’s stock valued at $155,000 after acquiring an additional 4,966 shares in the last quarter. Finally, Jump Financial LLC acquired a new position in shares of Financial Institutions during the 1st quarter valued at $205,000. Institutional investors and hedge funds own 60.45% of the company’s stock.

Financial Institutions Price Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $582.76 million, a price-to-earnings ratio of -21.13 and a beta of 0.71. The company’s fifty day moving average is $27.01 and its two-hundred day moving average is $26.02.

Financial Institutions Company Profile

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.