Financial Institutions (NASDAQ:FISI) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Shares of Financial Institutions, Inc. (NASDAQ:FISI) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $29.98 and traded as high as $31.86. Financial Institutions shares last traded at $31.65, with a volume of 90,234 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on FISI shares. Zacks Research raised shares of Financial Institutions to a “hold” rating in a research note on Thursday, December 18th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Financial Institutions in a report on Monday, December 29th. Piper Sandler reiterated a “neutral” rating and set a $36.00 price target (up from $34.00) on shares of Financial Institutions in a research report on Monday, February 2nd. Keefe, Bruyette & Woods boosted their price objective on Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Finally, Wall Street Zen raised Financial Institutions from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.33.

Financial Institutions Stock Performance

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 firm has a 50-day moving average price of $32.65 and a two-hundred day moving average price of $29.98. The firm has a market cap of $637.11 million, a PE ratio of 8.77 and a beta of 0.68.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings data on Thursday, January 29th. The bank reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The firm had revenue of $64.12 million during the quarter, compared to the consensus estimate of $62.99 million. Financial Institutions had a return on equity of 12.75% and a net margin of 19.81%. Research analysts forecast that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Friday, March 13th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.0%. This is a positive change from Financial Institutions’s previous quarterly dividend of $0.31. The ex-dividend date is Friday, March 13th. Financial Institutions’s dividend payout ratio (DPR) is currently 34.35%.

Institutional Trading of Financial Institutions

Several large investors have recently bought and sold shares of FISI. Larson Financial Group LLC boosted its holdings in shares of 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 during the last quarter. Comerica Bank lifted its position 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 in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Financial Institutions by 679.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock worth $45,000 after buying an additional 1,515 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in Financial Institutions by 44.8% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock valued at $50,000 after buying an additional 497 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in shares of Financial Institutions in the 3rd quarter worth $53,000. Hedge funds and other institutional investors own 60.45% of the company’s stock.

About Financial Institutions

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.