Financial Institutions (NASDAQ:FISI) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Financial Institutions, Inc. (NASDAQ:FISI) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $32.10 and traded as high as $34.75. Financial Institutions shares last traded at $34.42, with a volume of 69,688 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FISI. Weiss Ratings raised shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research report on Thursday, March 12th. Piper Sandler reissued a “neutral” rating and set a $36.00 price target (up from $34.00) on shares of Financial Institutions in a research report on Monday, February 2nd. Wall Street Zen cut shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Financial Institutions has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Financial Institutions Stock Performance

The company’s 50-day moving average price is $32.95 and its 200 day moving average price is $32.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $677.73 million, a PE ratio of 8.96 and a beta of 0.63.

Financial Institutions (NASDAQ:FISI) last posted its earnings results on Thursday, April 23rd. The bank reported $1.04 EPS for the quarter, topping the consensus estimate of $0.92 by $0.12. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. The firm had revenue of $62.67 million during the quarter, compared to analysts’ expectations of $62.76 million. On average, equities research analysts expect that Financial Institutions, Inc. will post 3.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Financial Institutions

Institutional investors and hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC lifted its position in shares of Financial Institutions by 3,150.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock worth $32,000 after purchasing an additional 1,134 shares during the period. Royal Bank of Canada lifted its position in shares of Financial Institutions by 31.6% in the 1st quarter. Royal Bank of Canada now owns 1,290 shares of the bank’s stock worth $40,000 after purchasing an additional 310 shares during the period. Comerica Bank lifted its position in shares of Financial Institutions by 39.8% in the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock worth $45,000 after purchasing an additional 469 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Financial Institutions by 679.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock worth $45,000 after purchasing an additional 1,515 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its position in shares of Financial Institutions by 44.8% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock worth $50,000 after purchasing an additional 497 shares during the period. 60.45% of the stock is owned by hedge funds and other institutional investors.

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.