Financial Institutions (NASDAQ:FISI) Share Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Financial Institutions, Inc. (NASDAQ:FISI) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $30.67 and traded as high as $32.78. Financial Institutions shares last traded at $32.77, with a volume of 71,373 shares.

Analyst Ratings Changes

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

Financial Institutions Stock Performance

The firm’s fifty day moving average price is $32.34 and its 200-day moving average price is $30.67. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a market cap of $643.41 million, a price-to-earnings ratio of 9.08 and a beta of 0.63.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, January 29th. The bank reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01. Financial Institutions had a net margin of 19.81% and a return on equity of 12.62%. The business had revenue of $64.12 million during the quarter, compared to analysts’ expectations of $62.99 million. Analysts expect that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.

Financial Institutions Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 2nd. Stockholders of record on Friday, March 13th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Friday, March 13th. This is a positive change from Financial Institutions’s previous quarterly dividend of $0.31. Financial Institutions’s dividend payout ratio (DPR) is currently 35.46%.

Institutional Trading of Financial Institutions

Several institutional investors and hedge funds have recently bought and sold shares of the business. PL Capital Advisors LLC raised its position 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 purchasing an additional 27,905 shares during the last quarter. Vanguard Group Inc. raised its position in Financial Institutions by 3.8% in the 3rd quarter. Vanguard Group Inc. now owns 1,095,428 shares of the bank’s stock valued at $29,796,000 after purchasing an additional 40,240 shares during the last quarter. Wellington Management Group LLP raised its position in Financial Institutions by 42.4% in the 4th quarter. Wellington Management Group LLP now owns 1,049,295 shares of the bank’s stock valued at $32,707,000 after purchasing an additional 312,470 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in Financial Institutions by 19.8% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 972,043 shares of the bank’s stock valued at $30,299,000 after purchasing an additional 160,825 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in 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 purchasing an additional 4,801 shares during the last quarter. 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.