Financial Institutions (NASDAQ:FISI) Sets New 1-Year High - Here's What Happened
Financial Institutions (NASDAQ:FISI) reached a new 52-week high of $29.88, closing at $29.79 with 87,397 shares traded. Analysts have upgraded the stock, with Weiss Ratings moving it from "sell" to "hold" and Keefe, Bruyette & Woods raising the target price to $35.00. The company reported $0.99 EPS, exceeding estimates, and declared a quarterly dividend of $0.31 per share. A stock repurchase program of $1 million was also initiated. Hedge funds own 60.45% of the stock, indicating strong institutional interest.
Shares of Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $29.88 and last traded at $29.79, with a volume of 87397 shares traded. The stock had previously closed at $29.33.
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Analyst Ratings Changes
Several research analysts recently issued reports on FISI shares. Weiss Ratings raised Financial Institutions from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday. Keefe, Bruyette & Woods boosted their target price on shares of Financial Institutions from $34.00 to $35.00 and gave the stock an "outperform" rating in a research report on Monday, October 27th. Finally, Wall Street Zen upgraded shares of Financial Institutions from a "hold" rating to a "buy" rating in a research note on Saturday. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $33.33.
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Financial Institutions Stock Performance
The firm's 50 day simple moving average is $27.45 and its 200 day simple moving average is $26.55. The firm has a market capitalization of $599.70 million, a price-to-earnings ratio of -21.74 and a beta of 0.76. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.87 and a current ratio of 0.87.
Financial Institutions (NASDAQ:FISI - Get Free Report) last posted its earnings results on Thursday, October 23rd. The bank reported $0.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.11. Financial Institutions had a negative net margin of 2.93% and a positive return on equity of 11.27%. The company had revenue of $64.87 million during the quarter, compared to the consensus estimate of $60.46 million. Sell-side analysts forecast that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.
Financial Institutions Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, October 2nd. Investors of record on Monday, September 15th were issued a dividend of $0.31 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.24 dividend on an annualized basis and a yield of 4.2%. Financial Institutions's dividend payout ratio is -90.51%.
Financial Institutions announced that its board has initiated a stock repurchase program on Monday, September 22nd that permits the company to buyback $1.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 0.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.
Hedge Funds Weigh In On Financial Institutions
A number of hedge funds have recently bought and sold shares of FISI. Wealth Enhancement Advisory Services LLC increased its position in shares of Financial Institutions by 3.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 11,011 shares of the bank's stock valued at $301,000 after buying an additional 363 shares in the last quarter. Palisades Investment Partners LLC increased its holdings in Financial Institutions by 0.4% in the 3rd quarter. Palisades Investment Partners LLC now owns 137,522 shares of the bank's stock worth $3,780,000 after acquiring an additional 606 shares in the last quarter. CWM LLC raised its position in Financial Institutions by 8.1% during the first quarter. CWM LLC now owns 9,222 shares of the bank's stock worth $230,000 after acquiring an additional 688 shares during the period. Cutler Capital Management LLC raised its position in 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 acquiring an additional 900 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey lifted its holdings in Financial Institutions by 29.8% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 4,805 shares of the bank's stock valued at $123,000 after purchasing an additional 1,103 shares in the last quarter. Hedge funds and other institutional investors own 60.45% of the company's stock.
Financial Institutions Company Profile
(Get Free Report)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.
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