Financial Institutions (NASDAQ:FISI) Upgraded at Zacks Research

Zacks Research upgraded shares of Financial Institutions (NASDAQ:FISI) to a hold rating in a research note published on Thursday morning,Zacks.com reports.

Several other equities research analysts have also issued reports on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Financial Institutions in a research note on Monday, December 15th. Wall Street Zen lowered Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday. Piper Sandler restated a “neutral” rating and issued a $34.00 target price on shares of Financial Institutions in a research note on Wednesday. Finally, Keefe, Bruyette & Woods upped their price target on Financial Institutions from $34.00 to $35.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $33.67.

Financial Institutions Trading Down 1.8%

Shares of Financial Institutions stock opened at $32.03 on Thursday. Financial Institutions has a 1 year low of $20.97 and a 1 year high of $33.00. The firm has a market cap of $644.76 million, a PE ratio of -23.38 and a beta of 0.72. The stock has a fifty day moving average price of $29.56 and a 200-day moving average price of $27.55. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.87 and a quick ratio of 0.87.

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

Financial Institutions Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be given a dividend of $0.31 per share. The ex-dividend date is Monday, December 15th. This represents a $1.24 annualized dividend and a dividend yield of 3.9%. Financial Institutions’s dividend payout ratio is currently -90.51%.

Financial Institutions declared that its board has approved a share buyback program on Monday, September 22nd that authorizes the company to repurchase $1.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 0.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Financial Institutions

Institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC grew its holdings in Financial Institutions by 3.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 11,011 shares of the bank’s stock valued at $301,000 after buying an additional 363 shares in the last quarter. Comerica Bank boosted its position in shares of Financial Institutions by 39.8% in the third quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after acquiring an additional 469 shares during the period. Palisades Investment Partners LLC grew its stake in Financial Institutions by 0.4% during the third quarter. Palisades Investment Partners LLC now owns 137,522 shares of the bank’s stock valued at $3,780,000 after acquiring an additional 606 shares in the last quarter. Creative Planning increased its holdings in Financial Institutions by 5.0% during the 3rd quarter. Creative Planning now owns 17,922 shares of the bank’s stock worth $487,000 after acquiring an additional 850 shares during the period. Finally, Cutler Capital Management LLC increased its holdings in Financial Institutions by 1.9% during the 2nd quarter. Cutler Capital Management LLC now owns 47,925 shares of the bank’s stock worth $1,231,000 after acquiring an additional 900 shares during the period. Hedge funds and other institutional investors own 60.45% of the company’s stock.

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.