Financial Institutions (NASDAQ:FISI) Reaches New 1-Year High – Here’s Why

Financial Institutions, Inc. (NASDAQ:FISI) hit a new 52-week high during trading on Tuesday . The company traded as high as $30.41 and last traded at $30.5320, with a volume of 33450 shares changing hands. The stock had previously closed at $29.65.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Keefe, Bruyette & Woods increased their price objective on Financial Institutions from $34.00 to $35.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Wall Street Zen raised shares of Financial Institutions from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Financial Institutions in a research note on Wednesday, November 19th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $33.33.

Financial Institutions Trading Up 3.0%

The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market capitalization of $614.80 million, a price-to-earnings ratio of -22.38 and a beta of 0.76. The firm has a fifty day moving average price of $27.85 and a 200-day moving average price of $26.85.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings results on Thursday, October 23rd. The bank reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.11. Financial Institutions had a positive return on equity of 11.27% and a negative net margin of 2.93%.The business had revenue of $64.87 million during the quarter, compared to the consensus estimate of $60.46 million. As a group, equities analysts anticipate that Financial Institutions, Inc. will post 3.3 EPS for the current year.

Financial Institutions Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, December 15th. Financial Institutions’s dividend payout ratio is -90.51%.

Financial Institutions announced that its board has authorized a stock repurchase program on Monday, September 22nd that allows the company to buyback $1.00 million in shares. This buyback authorization allows the bank to repurchase up to 0.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Financial Institutions

A number of institutional investors have recently modified their holdings of FISI. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Financial Institutions by 3.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 11,011 shares of the bank’s stock valued at $301,000 after purchasing an additional 363 shares during the last quarter. Comerica Bank boosted its position in Financial Institutions by 39.8% in the third quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after buying an additional 469 shares in the last quarter. Palisades Investment Partners LLC boosted its position in Financial Institutions by 0.4% in the third quarter. Palisades Investment Partners LLC now owns 137,522 shares of the bank’s stock valued at $3,780,000 after buying an additional 606 shares in the last quarter. Creative Planning grew its stake in shares of Financial Institutions by 5.0% during the third quarter. Creative Planning now owns 17,922 shares of the bank’s stock worth $487,000 after buying an additional 850 shares during the last quarter. Finally, Cutler Capital Management LLC increased its holdings in shares of Financial Institutions by 1.9% during the second quarter. Cutler Capital Management LLC now owns 47,925 shares of the bank’s stock worth $1,231,000 after buying an additional 900 shares in the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.

About Financial Institutions

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.