Financial Institutions (NASDAQ:FISI) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Financial Institutions, Inc. (NASDAQ:FISI) passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $37.30 and traded as high as $40.12. Financial Institutions shares last traded at $39.55, with a volume of 132,642 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FISI. Keefe, Bruyette & Woods lifted their price target on shares of Financial Institutions from $42.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Piper Sandler restated a “neutral” rating and issued a $45.00 price objective (up from $38.00) on shares of Financial Institutions in a research report on Monday, August 3rd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Financial Institutions in a report on Monday, July 6th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.

Financial Institutions Stock Performance

The stock has a market cap of $764.55 million, a P/E ratio of 9.62 and a beta of 0.62. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88. The stock’s 50 day simple moving average is $40.97 and its two-hundred day simple moving average is $37.36.

Financial Institutions (NASDAQ:FISI) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The business had revenue of $64.31 million for the quarter, compared to analyst estimates of $63.54 million. Financial Institutions had a net margin of 21.78% and a return on equity of 13.45%. As a group, research analysts forecast that Financial Institutions, Inc. will post 4.21 EPS for the current year.

Financial Institutions Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 3.3%. Financial Institutions’s dividend payout ratio (DPR) is currently 31.76%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Engineers Gate Manager LP bought a new stake in Financial Institutions in the 2nd quarter valued at approximately $305,000. Integrated Wealth Concepts LLC bought a new stake in Financial Institutions during the 2nd quarter worth about $38,000. Squarepoint Ops LLC boosted its stake in shares of Financial Institutions by 45.6% during the 2nd quarter. Squarepoint Ops LLC now owns 10,995 shares of the bank’s stock worth $428,000 after buying an additional 3,441 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Financial Institutions by 10.0% in the 2nd quarter. Allworth Financial LP now owns 3,251 shares of the bank’s stock valued at $127,000 after acquiring an additional 296 shares in the last quarter. Finally, Empowered Funds LLC bought a new position in shares of Financial Institutions in the 2nd quarter valued at about $4,254,000. 60.45% of the stock is currently owned by institutional investors.

Financial Institutions Company Profile

Financial Institutions, Inc (NASDAQ:FISI) is a financial services holding company headquartered in Western New York. Through its subsidiaries, the company provides banking, wealth management and insurance services to individuals, families, businesses and nonprofit organizations.

Its principal banking subsidiary, Five Star Bank, offers deposit accounts, residential and commercial lending, mortgages, credit cards, treasury management and other financial products. The company also provides investment management, trust and financial planning services through its wealth management operations, as well as personal and commercial insurance solutions through its insurance business.

Financial Institutions primarily serves communities across Western and Central New York through a network of banking offices and digital channels.