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

Financial Institutions, Inc. (NASDAQ:FISI)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $30.23 and traded as high as $30.80. Financial Institutions shares last traded at $30.47, with a volume of 103,344 shares trading hands.

Wall Street Analysts Forecast Growth

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

Financial Institutions Price Performance

The company’s 50-day moving average price is $32.51 and its 200-day moving average price is $30.23. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a market cap of $598.25 million, a price-to-earnings ratio of 8.44 and a beta of 0.68.

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

Financial Institutions Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Friday, March 13th will be given a dividend of $0.32 per share. This is an increase from Financial Institutions’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, March 13th. Financial Institutions’s dividend payout ratio is currently 35.46%.

Institutional Trading of Financial Institutions

Several hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC grew its stake in 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 in the last quarter. Comerica Bank increased its holdings in Financial Institutions by 39.8% during the 3rd 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. EverSource Wealth Advisors LLC raised its position in Financial Institutions by 679.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after purchasing an additional 1,515 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its position 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 purchasing an additional 497 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in Financial Institutions in the 3rd quarter valued at about $53,000. 60.45% of the stock is currently 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.