Financial Institutions (NASDAQ:FISI) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Financial Institutions, Inc. (NASDAQ:FISI)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $30.37 and traded as high as $31.72. Financial Institutions shares last traded at $31.40, with a volume of 102,278 shares.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FISI. Piper Sandler reissued a “neutral” rating and set a $36.00 target price (up from $34.00) on shares of Financial Institutions in a research note on Monday, February 2nd. Keefe, Bruyette & Woods lifted their price objective on Financial Institutions from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Zacks Research upgraded Financial Institutions to a “hold” rating in a research note on Thursday, December 18th. Weiss Ratings raised Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a report on Thursday, March 12th. Finally, Wall Street Zen upgraded Financial Institutions from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Financial Institutions Trading Up 0.3%

The stock has a market cap of $616.38 million, a PE ratio of 8.70 and a beta of 0.68. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The company’s 50-day moving average price is $32.43 and its 200 day moving average price is $30.37.

Financial Institutions (NASDAQ:FISI) last issued its quarterly earnings data on Thursday, January 29th. The bank reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.01. The company had revenue of $64.12 million during the quarter, compared to analyst estimates of $62.99 million. Financial Institutions had a return on equity of 12.62% and a net margin of 19.81%. On average, sell-side analysts forecast that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Friday, March 13th will be paid a $0.32 dividend. This is a boost from Financial Institutions’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.28 annualized dividend and a dividend yield of 4.1%. Financial Institutions’s dividend payout ratio is currently 35.46%.

Institutional Trading of Financial Institutions

A number of hedge funds and other institutional investors have recently modified their holdings of FISI. PL Capital Advisors LLC raised its holdings in Financial Institutions by 1.6% in the 4th quarter. PL Capital Advisors LLC now owns 1,802,791 shares of the bank’s stock valued at $56,193,000 after buying an additional 27,905 shares during the period. Vanguard Group Inc. boosted its stake in Financial Institutions by 3.8% during the third quarter. Vanguard Group Inc. now owns 1,095,428 shares of the bank’s stock worth $29,796,000 after buying an additional 40,240 shares during the period. Wellington Management Group LLP boosted its stake in Financial Institutions by 42.4% during the fourth quarter. Wellington Management Group LLP now owns 1,049,295 shares of the bank’s stock worth $32,707,000 after buying an additional 312,470 shares during the period. Adage Capital Partners GP L.L.C. increased its position in shares of Financial Institutions by 19.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 972,043 shares of the bank’s stock valued at $30,299,000 after acquiring an additional 160,825 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Financial Institutions by 0.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 955,906 shares of the bank’s stock valued at $29,796,000 after acquiring an additional 4,801 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.