Financial Institutions (NASDAQ:FISI) Hits New 1-Year High – Here’s What Happened

Financial Institutions, Inc. (NASDAQ:FISI) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $40.40 and last traded at $40.2340, with a volume of 27124 shares changing hands. The stock had previously closed at $39.17.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on FISI shares. Wall Street Zen downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “buy (b)” rating on shares of Financial Institutions in a report on Monday, July 6th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Financial Institutions Stock Up 2.7%

The stock has a market cap of $791.93 million, a price-to-earnings ratio of 10.48 and a beta of 0.63. The stock has a 50 day simple moving average of $37.01 and a 200 day simple moving average of $34.17. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, April 23rd. The bank reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.12. Financial Institutions had a return on equity of 13.08% and a net margin of 20.85%.The company had revenue of $62.67 million for the quarter, compared to analyst estimates of $62.76 million. As a group, analysts expect that Financial Institutions, Inc. will post 3.96 earnings per share for the current fiscal year.

Financial Institutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were issued a dividend of $0.32 per share. The ex-dividend date was Friday, June 12th. This represents a $1.28 annualized dividend and a yield of 3.2%. Financial Institutions’s dividend payout ratio is presently 33.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FISI. AQR Capital Management LLC raised its holdings in shares of Financial Institutions by 12.2% in the 1st quarter. AQR Capital Management LLC now owns 97,206 shares of the bank’s stock worth $2,426,000 after acquiring an additional 10,590 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Financial Institutions by 30.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank’s stock worth $283,000 after purchasing an additional 2,617 shares in the last quarter. Empowered Funds LLC increased its holdings in Financial Institutions by 7.1% during the 1st quarter. Empowered Funds LLC now owns 74,841 shares of the bank’s stock worth $1,868,000 after purchasing an additional 4,979 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Financial Institutions in the first quarter worth approximately $375,000. Finally, Creative Planning lifted its holdings in shares of Financial Institutions by 28.7% in the second quarter. Creative Planning now owns 17,072 shares of the bank’s stock valued at $438,000 after purchasing an additional 3,809 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.