Hingham Institution for Savings (NASDAQ:HIFS) Stock Price Down 7.7% – Here’s Why

Hingham Institution for Savings (NASDAQ:HIFS) traded down 7.7% on Wednesday . The stock traded as low as $290.36 and last traded at $279.7410. 22,933 shares changed hands during trading, a decline of 64% from the average session volume of 63,222 shares. The stock had previously closed at $303.24.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of Hingham Institution for Savings in a report on Thursday, January 22nd. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold”.

Hingham Institution for Savings Trading Down 2.6%

The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 3.31. The stock has a market cap of $643.75 million, a P/E ratio of 12.00 and a beta of 1.02. The business’s fifty day simple moving average is $299.71 and its 200 day simple moving average is $287.36.

Hingham Institution for Savings (NASDAQ:HIFS) last announced its earnings results on Friday, January 16th. The savings and loans company reported $4.54 earnings per share for the quarter. Hingham Institution for Savings had a net margin of 23.04% and a return on equity of 7.16%. The company had revenue of $35.02 million during the quarter.

Hingham Institution for Savings declared that its board has initiated a stock repurchase program on Friday, December 5th that permits the company to buyback $20.00 million in outstanding shares. This buyback authorization permits the savings and loans company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Hingham Institution for Savings

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Comerica Bank bought a new stake in shares of Hingham Institution for Savings during the fourth quarter worth $43,000. Caitong International Asset Management Co. Ltd bought a new stake in Hingham Institution for Savings during the 3rd quarter worth about $41,000. Kestra Advisory Services LLC acquired a new position in Hingham Institution for Savings during the 4th quarter valued at about $85,000. Flagship Harbor Advisors LLC bought a new position in shares of Hingham Institution for Savings in the 4th quarter valued at about $102,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Hingham Institution for Savings during the fourth quarter worth approximately $200,000. 49.33% of the stock is owned by institutional investors and hedge funds.

About Hingham Institution for Savings

Hingham Institution for Savings is a mutual savings bank headquartered in Hingham, Massachusetts. Founded in 1834, the bank combines the community-oriented focus of a mutual institution with the transparency and oversight associated with a publicly traded company under the NASDAQ ticker HIFS.

The institution’s core activities include deposit and lending services tailored to individuals and businesses. Deposit offerings encompass checking and savings accounts, money market accounts, certificates of deposit and individual retirement accounts, supported by online and mobile banking platforms.