Financial Institutions (NASDAQ:FISI) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

Shares of Financial Institutions, Inc. (NASDAQ:FISI) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $33.90 and traded as high as $39.43. Financial Institutions shares last traded at $38.51, with a volume of 134,528 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FISI shares. Wall Street Zen downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “buy (b)” rating on shares of Financial Institutions in a research report on Monday. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Financial Institutions Stock Up 2.9%

The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $762.40 million, a PE ratio of 10.08 and a beta of 0.63. The business has a fifty day moving average price of $36.67 and a two-hundred day moving average price of $33.98.

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, beating 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 firm had revenue of $62.67 million for the quarter, compared to analyst estimates of $62.76 million. On average, analysts anticipate that Financial Institutions, Inc. will post 3.96 EPS for the current fiscal year.

Financial Institutions Announces Dividend

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

Institutional Trading of Financial Institutions

Several institutional investors have recently made changes to their positions in the stock. Larson Financial Group LLC grew its position in Financial Institutions by 3,150.0% during the third quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock valued at $32,000 after purchasing an additional 1,134 shares in the last quarter. Royal Bank of Canada lifted its position in 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 buying an additional 310 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in shares of Financial Institutions by 44.8% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock valued at $50,000 after buying an additional 497 shares during the period. Fifth Third Bancorp acquired a new stake in shares of Financial Institutions during the 1st quarter valued at $52,000. Finally, Comerica Bank grew its holdings in shares of Financial Institutions by 39.8% during the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after acquiring an additional 469 shares in the last quarter. 60.45% of the stock is currently owned by institutional investors and hedge funds.

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.