BidaskClub Upgrades Financial Institutions (FISI) to “Sell”

BidaskClub upgraded shares of Financial Institutions (NASDAQ:FISI) from a strong sell rating to a sell rating in a research report report published on Saturday.

Separately, Zacks Investment Research downgraded Financial Institutions from a buy rating to a hold rating in a research report on Friday, August 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $35.33.

NASDAQ FISI opened at $29.44 on Friday. The stock has a market capitalization of $500.04 million, a price-to-earnings ratio of 15.18 and a beta of 0.97. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.79 and a quick ratio of 0.79. Financial Institutions has a 1-year low of $28.76 and a 1-year high of $34.35.

Financial Institutions (NASDAQ:FISI) last released its earnings results on Thursday, July 26th. The bank reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.17. The company had revenue of $38.63 million during the quarter, compared to the consensus estimate of $38.30 million. Financial Institutions had a return on equity of 10.49% and a net margin of 23.24%. On average, sell-side analysts forecast that Financial Institutions will post 2.54 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 2nd. Stockholders of record on Thursday, September 13th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend was Wednesday, September 12th. Financial Institutions’s dividend payout ratio is presently 49.48%.

In related news, Director Andrew W. Dorn, Jr. acquired 900 shares of the stock in a transaction dated Tuesday, July 31st. The stock was acquired at an average cost of $32.45 per share, with a total value of $29,205.00. Following the completion of the transaction, the director now owns 19,446 shares in the company, valued at approximately $631,022.70. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Martin Kearney Birmingham acquired 1,500 shares of the stock in a transaction dated Tuesday, August 21st. The shares were bought at an average cost of $31.95 per share, with a total value of $47,925.00. Following the completion of the transaction, the chief executive officer now owns 72,596 shares of the company’s stock, valued at approximately $2,319,442.20. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 2,900 shares of company stock valued at $92,980. Corporate insiders own 4.34% of the company’s stock.

Several institutional investors have recently made changes to their positions in FISI. Bank of New York Mellon Corp boosted its holdings in Financial Institutions by 1.9% in the second quarter. Bank of New York Mellon Corp now owns 111,300 shares of the bank’s stock valued at $3,662,000 after purchasing an additional 2,026 shares in the last quarter. California Public Employees Retirement System boosted its holdings in Financial Institutions by 4.2% in the second quarter. California Public Employees Retirement System now owns 51,771 shares of the bank’s stock valued at $1,703,000 after purchasing an additional 2,072 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Financial Institutions by 10.1% in the first quarter. Wells Fargo & Company MN now owns 23,958 shares of the bank’s stock valued at $709,000 after purchasing an additional 2,193 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Financial Institutions by 0.8% in the second quarter. Renaissance Technologies LLC now owns 323,200 shares of the bank’s stock valued at $10,633,000 after purchasing an additional 2,700 shares in the last quarter. Finally, Swiss National Bank boosted its holdings in Financial Institutions by 15.5% in the second quarter. Swiss National Bank now owns 27,500 shares of the bank’s stock valued at $905,000 after purchasing an additional 3,700 shares in the last quarter. 69.94% of the stock is owned by institutional investors and hedge funds.

About Financial Institutions

Financial Institutions, Inc operates as the holding company for Five Star Bank that provides banking and financial services to individuals, municipalities, and businesses. It operates in two segments, Banking and Non-Banking. The company offers checking and savings account programs, including money market accounts, certificates of deposit, and sweep investments, as well as individual retirement and other qualified plan accounts.

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