Financial Institutions (NASDAQ:FISI) Price Target Raised to $35.00

Financial Institutions (NASDAQ:FISI) had its price target increased by Keefe, Bruyette & Woods from $34.00 to $35.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an outperform rating on the bank’s stock.

Several other research firms have also recently weighed in on FISI. Wall Street Zen cut Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. Weiss Ratings reissued a “sell (d+)” rating on shares of Financial Institutions in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $33.33.

Financial Institutions Stock Performance

NASDAQ:FISI opened at $28.92 on Monday. The stock has a market cap of $582.16 million, a P/E ratio of -21.11 and a beta of 0.71. The stock has a 50 day simple moving average of $27.21 and a 200 day simple moving average of $26.21. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.20. Financial Institutions has a 1-year low of $20.97 and a 1-year high of $29.88.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings results on Thursday, October 23rd. The bank reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.11. The business had revenue of $63.85 million during the quarter, compared to analysts’ expectations of $60.46 million. Financial Institutions had a positive return on equity of 11.27% and a negative net margin of 2.93%. Research analysts anticipate that Financial Institutions will post 3.3 earnings per share for the current year.

Financial Institutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 2nd. Shareholders of record on Monday, September 15th were issued a $0.31 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.24 annualized dividend and a yield of 4.3%. Financial Institutions’s payout ratio is currently -90.51%.

Financial Institutions declared that its Board of Directors has authorized a stock buyback plan on Monday, September 22nd that authorizes the company to repurchase $1.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 0.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Financial Institutions

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its holdings in Financial Institutions by 679.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after acquiring an additional 1,515 shares in the last quarter. Allworth Financial LP raised its holdings in Financial Institutions by 925.2% in the 2nd quarter. Allworth Financial LP now owns 2,850 shares of the bank’s stock valued at $73,000 after acquiring an additional 2,572 shares in the last quarter. Police & Firemen s Retirement System of New Jersey raised its holdings in shares of Financial Institutions by 29.8% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 4,805 shares of the bank’s stock worth $123,000 after buying an additional 1,103 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Financial Institutions by 461.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,042 shares of the bank’s stock worth $155,000 after buying an additional 4,966 shares in the last quarter. Finally, Jump Financial LLC acquired a new position in shares of Financial Institutions during the 1st quarter worth $205,000. 60.45% of the stock is owned by institutional investors and hedge funds.

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 provides 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.