Financial Institutions (NASDAQ:FISI) Given New $45.00 Price Target at Keefe, Bruyette & Woods

Financial Institutions (NASDAQ:FISI) had its price objective boosted by Keefe, Bruyette & Woods from $42.00 to $45.00 in a report issued on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the bank’s stock.

Other equities research analysts have also recently issued reports about the company. Wall Street Zen cut Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings reissued a “buy (b)” rating on shares of Financial Institutions in a research report on Monday, July 6th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Financial Institutions has a consensus rating of “Moderate Buy” and a consensus target price of $40.50.

Financial Institutions Price Performance

Shares of Financial Institutions stock opened at $41.25 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $812.21 million, a price-to-earnings ratio of 10.24 and a beta of 0.63. Financial Institutions has a twelve month low of $24.62 and a twelve month high of $41.45. The company has a 50-day simple moving average of $37.82 and a two-hundred day simple moving average of $34.64.

Financial Institutions (NASDAQ:FISI) last announced its earnings results on Thursday, July 23rd. The bank reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. Financial Institutions had a net margin of 21.78% and a return on equity of 13.54%. The firm had revenue of $64.31 million for the quarter, compared to analyst estimates of $63.54 million. Analysts forecast that Financial Institutions will post 3.96 EPS for the current year.

Financial Institutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Friday, June 12th. Financial Institutions’s dividend payout ratio is presently 31.76%.

Hedge Funds Weigh In On Financial Institutions

Several hedge funds and other institutional investors have recently made changes to their positions in FISI. Hillsdale Investment Management Inc. bought a new position in Financial Institutions in the first quarter valued at approximately $7,391,000. PL Capital Advisors LLC lifted its stake in Financial Institutions by 1.6% during the fourth quarter. PL Capital Advisors LLC now owns 1,802,791 shares of the bank’s stock worth $56,193,000 after purchasing an additional 27,905 shares during the last quarter. Strs Ohio bought a new stake in Financial Institutions during the first quarter worth $596,000. Quantinno Capital Management LP boosted its holdings in shares of Financial Institutions by 18.4% in the 1st quarter. Quantinno Capital Management LP now owns 20,501 shares of the bank’s stock valued at $650,000 after purchasing an additional 3,192 shares in the last quarter. Finally, Sei Investments Co. boosted its holdings in shares of Financial Institutions by 205.0% in the 1st quarter. Sei Investments Co. now owns 51,480 shares of the bank’s stock valued at $1,632,000 after purchasing an additional 34,601 shares in the last quarter. 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.