Financial Institutions (NASDAQ:FISI) Earns “Neutral” Rating from Piper Sandler

Piper Sandler reaffirmed their neutral rating on shares of Financial Institutions (NASDAQ:FISI) in a research note released on Monday morning, MarketBeat reports. The firm currently has a $19.00 price target on the bank’s stock, down from their prior price target of $23.00.

Separately, TheStreet upgraded shares of Financial Institutions from a c+ rating to a b- rating in a report on Thursday, December 28th.

Financial Institutions Trading Up 2.9 %

Shares of FISI stock opened at $18.64 on Monday. The stock has a market capitalization of $287.24 million, a P/E ratio of 5.90 and a beta of 0.86. Financial Institutions has a fifty-two week low of $13.84 and a fifty-two week high of $23.11. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.84 and a current ratio of 0.84. The company has a 50 day moving average price of $19.42 and a 200 day moving average price of $18.66.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings results on Thursday, January 25th. The bank reported $0.61 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.12). The business had revenue of $55.25 million during the quarter, compared to analyst estimates of $50.29 million. Financial Institutions had a return on equity of 12.24% and a net margin of 15.03%. Equities research analysts predict that Financial Institutions will post 2.71 EPS for the current fiscal year.

Financial Institutions Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 2nd. Investors of record on Friday, March 15th will be given a $0.30 dividend. The ex-dividend date is Thursday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 6.44%. Financial Institutions’s dividend payout ratio (DPR) is presently 37.97%.

Hedge Funds Weigh In On Financial Institutions

A number of hedge funds have recently modified their holdings of FISI. State Street Corp grew its position in Financial Institutions by 30.6% during the 1st quarter. State Street Corp now owns 494,212 shares of the bank’s stock worth $15,002,000 after purchasing an additional 115,703 shares during the last quarter. Courier Capital LLC grew its holdings in shares of Financial Institutions by 100.8% during the fourth quarter. Courier Capital LLC now owns 217,453 shares of the bank’s stock worth $4,632,000 after buying an additional 109,144 shares during the last quarter. Morgan Stanley grew its holdings in shares of Financial Institutions by 69.4% during the fourth quarter. Morgan Stanley now owns 233,813 shares of the bank’s stock worth $5,696,000 after buying an additional 95,779 shares during the last quarter. BlackRock Inc. raised its stake in Financial Institutions by 7.5% during the 1st quarter. BlackRock Inc. now owns 1,356,722 shares of the bank’s stock valued at $26,158,000 after acquiring an additional 94,891 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Financial Institutions by 23.4% during the 2nd quarter. Renaissance Technologies LLC now owns 334,400 shares of the bank’s stock worth $5,263,000 after acquiring an additional 63,400 shares during the period. 60.45% of the stock is currently owned by hedge funds and other institutional investors.

Financial Institutions Company Profile

Financial Institutions, Inc operates as a holding company for the Five Star Bank, a chartered bank that provides banking and financial services to individuals, municipalities, and businesses in New York. The company offers checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts, as well as NOW accounts.