Financial Institutions (NASDAQ:FISI) Given “Equal Weight” Rating at Stephens

Stephens reaffirmed their equal weight rating on shares of Financial Institutions (NASDAQ:FISI) in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a $32.00 price objective on the bank’s stock.

A number of other research firms have also recently issued reports on FISI. StockNews.com raised shares of Financial Institutions from a “sell” rating to a “hold” rating in a report on Tuesday, February 11th. Keefe, Bruyette & Woods upgraded Financial Institutions from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $29.00 to $34.00 in a research note on Monday, February 3rd. Finally, Piper Sandler assumed coverage on Financial Institutions in a research report on Friday, December 20th. They set an “overweight” rating and a $33.00 price target for the company.

Financial Institutions Stock Performance

FISI stock opened at $26.00 on Tuesday. Financial Institutions has a 1-year low of $16.29 and a 1-year high of $29.79. The business has a 50-day moving average price of $27.35 and a 200 day moving average price of $26.55. The company has a market capitalization of $402.32 million, a P/E ratio of -17.93 and a beta of 0.86. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.86 and a quick ratio of 0.86.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings results on Thursday, January 30th. The bank reported $0.54 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.20). Financial Institutions had a positive return on equity of 11.12% and a negative net margin of 6.69%. As a group, equities research analysts forecast that Financial Institutions will post 3.3 EPS for the current fiscal year.

Financial Institutions Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 14th will be given a dividend of $0.31 per share. This is a boost from Financial Institutions’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.24 annualized dividend and a dividend yield of 4.77%. Financial Institutions’s payout ratio is presently -85.52%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE lifted 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 valued at $66,000 after buying an additional 1,399 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Financial Institutions during the third quarter valued at about $513,000. Empowered Funds LLC raised its stake in shares of Financial Institutions by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 66,450 shares of the bank’s stock valued at $1,692,000 after acquiring an additional 3,350 shares during the period. Segall Bryant & Hamill LLC acquired a new position in shares of Financial Institutions in the 3rd quarter worth approximately $1,364,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Financial Institutions by 32.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 97,559 shares of the bank’s stock worth $2,485,000 after purchasing an additional 23,885 shares during the period. 60.45% of the stock is currently owned by hedge funds and other 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.