By otakuyassine3@gmail.com 
Piper Sandler initiated coverage on shares of Financial Institutions (NASDAQ:FISI – Free Report) in a research note released on Friday morning, Marketbeat.com reports. The brokerage issued an overweight rating and a $33.00 price objective on the bank’s stock.
A number of other analysts have also commented on FISI. StockNews.com lowered Financial Institutions from a “buy” rating to a “hold” rating in a research report on Wednesday. Keefe, Bruyette & Woods upped their target price on Financial Institutions from $27.00 to $28.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th.
View Our Latest Report on FISI
Financial Institutions Stock Up 1.8 %
Shares of NASDAQ:FISI opened at $27.12 on Friday. Financial Institutions has a 1 year low of $16.29 and a 1 year high of $29.34. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.86 and a quick ratio of 0.86. The business’s 50-day moving average is $26.51 and its 200-day moving average is $24.00. The company has a market capitalization of $419.65 million, a price-to-earnings ratio of 8.53 and a beta of 0.92.
Financial Institutions (NASDAQ:FISI – Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The bank reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.08. The company had revenue of $50.12 million during the quarter. Financial Institutions had a net margin of 13.72% and a return on equity of 11.32%. During the same quarter in the prior year, the firm earned $0.88 EPS. Equities research analysts predict that Financial Institutions will post 3.66 earnings per share for the current year.
Financial Institutions Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.30 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.42%. Financial Institutions’s dividend payout ratio is presently 37.74%.
Insider Buying and Selling
In other news, Director Robert N. Latella purchased 4,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were bought at an average cost of $25.00 per share, with a total value of $100,000.00. Following the completion of the transaction, the director now directly owns 16,000 shares of the company’s stock, valued at approximately $400,000. This trade represents a 33.33 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.68% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Financial Institutions
A number of institutional investors have recently added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in shares of Financial Institutions in the second quarter valued at approximately $25,000. US Bancorp DE boosted its position in Financial Institutions by 119.3% in the third quarter. US Bancorp DE now owns 2,572 shares of the bank’s stock worth $66,000 after purchasing an additional 1,399 shares during the last quarter. SG Americas Securities LLC bought a new position in Financial Institutions in the 3rd quarter valued at $164,000. CWM LLC grew its stake in Financial Institutions by 50.3% in the 3rd quarter. CWM LLC now owns 8,172 shares of the bank’s stock valued at $208,000 after purchasing an additional 2,734 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Financial Institutions by 23.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 10,837 shares of the bank’s stock valued at $209,000 after purchasing an additional 2,026 shares during the last quarter. 60.45% of the stock is owned by institutional investors.
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.
Read More
Receive News & Ratings for Financial Institutions Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Financial Institutions and related companies with MarketBeat.com’s FREE daily email newsletter.