Financial Institutions (NASDAQ:FISI) Rating Lowered to Hold at Wall Street Zen

Financial Institutions (NASDAQ:FISI) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

A number of other equities research analysts also recently commented on FISI. Piper Sandler reaffirmed a “neutral” rating and issued a $34.00 price objective on shares of Financial Institutions in a research report on Wednesday. Keefe, Bruyette & Woods increased their target price on Financial Institutions from $34.00 to $35.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Financial Institutions in a report on Monday. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Financial Institutions currently has an average rating of “Hold” and an average target price of $33.67.

Financial Institutions Stock Performance

NASDAQ:FISI opened at $32.03 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $644.76 million, a PE ratio of -23.38 and a beta of 0.72. The firm has a 50 day simple moving average of $29.56 and a 200-day simple moving average of $27.54. Financial Institutions has a 1-year low of $20.97 and a 1-year high of $33.00.

Financial Institutions (NASDAQ:FISI) last announced its earnings results on Monday, November 3rd. The bank reported $0.99 earnings per share (EPS) for the quarter. The firm had revenue of $63.85 million for the quarter. Financial Institutions had a negative net margin of 2.93% and a positive return on equity of 11.10%. On average, equities analysts expect that Financial Institutions will post 3.3 EPS for the current year.

Financial Institutions announced that its Board of Directors has approved a stock buyback program on Monday, September 22nd that permits the company to buyback $1.00 million in shares. This buyback authorization permits the bank to repurchase up to 0.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Financial Institutions

Several hedge funds and other institutional investors have recently modified their holdings of FISI. Larson Financial Group LLC increased its position 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 worth $32,000 after purchasing an additional 1,134 shares in the last quarter. Comerica Bank grew its stake in Financial Institutions by 39.8% during the third quarter. Comerica Bank now owns 1,647 shares of the bank’s stock worth $45,000 after buying an additional 469 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Financial Institutions by 679.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock worth $45,000 after acquiring an additional 1,515 shares in the last quarter. Advisory Services Network LLC acquired a new stake in shares of Financial Institutions in the third quarter worth $53,000. Finally, Allworth Financial LP raised its stake in shares of Financial Institutions by 925.2% in 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 during the period. 60.45% of the stock is owned by institutional investors and hedge funds.

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.