Financial Institutions (NASDAQ:FISI) Reaches New 12-Month High – Still a Buy?

Financial Institutions, Inc. (NASDAQ:FISI) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $40.40 and last traded at $40.2340, with a volume of 27124 shares traded. The stock had previously closed at $39.17.

Analysts Set New Price Targets

Several analysts have commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Financial Institutions in a research report on Monday, July 6th. Wall Street Zen downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Financial Institutions has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Financial Institutions Price Performance

The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $37.18 and a 200 day moving average price of $34.27. The stock has a market cap of $774.21 million, a PE ratio of 10.24 and a beta of 0.63.

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

Financial Institutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.28 annualized dividend and a yield of 3.3%. Financial Institutions’s dividend payout ratio is 33.33%.

Hedge Funds Weigh In On Financial Institutions

Several large investors have recently modified their holdings of FISI. Canandaigua National Bank & Trust Co. bought a new stake in shares of Financial Institutions in the second quarter valued at approximately $6,006,000. Bank of America Corp DE raised its holdings in Financial Institutions by 101.3% during the 1st quarter. Bank of America Corp DE now owns 119,691 shares of the bank’s stock valued at $3,795,000 after acquiring an additional 60,234 shares during the period. Royal Bank of Canada lifted its position in shares of Financial Institutions by 31.6% during the first quarter. Royal Bank of Canada now owns 1,290 shares of the bank’s stock worth $40,000 after acquiring an additional 310 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Financial Institutions by 8.4% in the first quarter. Empowered Funds LLC now owns 101,340 shares of the bank’s stock worth $3,213,000 after acquiring an additional 7,833 shares during the period. Finally, Quantinno Capital Management LP grew its position in shares of Financial Institutions by 18.4% in the first quarter. Quantinno Capital Management LP now owns 20,501 shares of the bank’s stock valued at $650,000 after purchasing an additional 3,192 shares in the last quarter. Hedge funds and other institutional investors own 60.45% of the company’s stock.

About Financial Institutions

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.