Financial Institutions (NASDAQ:FISI) Upgraded to “Buy” at Wall Street Zen

Financial Institutions (NASDAQ:FISI) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Sunday.

FISI has been the subject of a number of other reports. Piper Sandler reaffirmed a “neutral” rating and set a $34.00 price target on shares of Financial Institutions in a report on Wednesday, December 17th. Weiss Ratings reissued a “hold (c-)” rating on shares of Financial Institutions in a research note on Monday, December 22nd. Zacks Research upgraded Financial Institutions to a “hold” rating in a research note on Thursday, December 18th. Finally, Keefe, Bruyette & Woods lifted their price target on Financial Institutions from $34.00 to $35.00 and gave the company an “outperform” rating in a report on Monday, October 27th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $33.67.

Financial Institutions Trading Up 0.3%

Shares of Financial Institutions stock opened at $31.99 on Friday. The stock has a market capitalization of $643.96 million, a P/E ratio of -23.35 and a beta of 0.72. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.19. The company has a 50-day simple moving average of $30.10 and a 200 day simple moving average of $27.76. Financial Institutions has a 12-month low of $20.97 and a 12-month high of $33.00.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings results on Monday, November 3rd. The bank reported $0.99 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%. Research analysts expect that Financial Institutions will post 3.3 earnings per share for the current fiscal year.

Financial Institutions announced that its board has authorized a share buyback program on Monday, September 22nd that allows the company to buyback $1.00 million in shares. This buyback authorization allows the bank to purchase up to 0.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Financial Institutions

A number of institutional investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Financial Institutions by 3.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 11,011 shares of the bank’s stock valued at $301,000 after purchasing an additional 363 shares during the period. Comerica Bank grew its stake in shares of 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 purchasing an additional 469 shares during the period. Palisades Investment Partners LLC increased its holdings in Financial Institutions by 0.4% in the third quarter. Palisades Investment Partners LLC now owns 137,522 shares of the bank’s stock valued at $3,780,000 after purchasing an additional 606 shares during the last quarter. Creative Planning increased its holdings in Financial Institutions by 5.0% in the third quarter. Creative Planning now owns 17,922 shares of the bank’s stock valued at $487,000 after purchasing an additional 850 shares during the last quarter. Finally, Cutler Capital Management LLC lifted its stake in Financial Institutions by 1.9% in the second quarter. Cutler Capital Management LLC now owns 47,925 shares of the bank’s stock valued at $1,231,000 after buying an additional 900 shares during the period. Institutional investors and hedge funds 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.