Financial Institutions (NASDAQ:FISI) Shares Cross Above 200 Day Moving Average – What’s Next?

Financial Institutions, Inc. (NASDAQ:FISI)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $30.37 and traded as high as $31.72. Financial Institutions shares last traded at $31.40, with a volume of 102,278 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FISI. Weiss Ratings upgraded shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research report on Thursday, March 12th. Keefe, Bruyette & Woods increased their target price on shares of Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Zacks Research raised Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Piper Sandler restated a “neutral” rating and set a $36.00 price target (up from $34.00) on shares of Financial Institutions in a research note on Monday, February 2nd. Finally, Wall Street Zen raised Financial Institutions from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Financial Institutions currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Financial Institutions Stock Performance

The stock has a market capitalization of $613.04 million, a price-to-earnings ratio of 8.65 and a beta of 0.68. The stock’s 50-day simple moving average is $32.41 and its 200 day simple moving average is $30.38. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.

Financial Institutions (NASDAQ:FISI) last announced its earnings results on Thursday, January 29th. The bank reported $0.96 EPS for the quarter, topping the consensus estimate of $0.95 by $0.01. Financial Institutions had a return on equity of 12.62% and a net margin of 19.81%.The business had revenue of $64.12 million for the quarter, compared to the consensus estimate of $62.99 million. Analysts expect that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 2nd. Investors of record on Friday, March 13th will be given a dividend of $0.32 per share. This is a positive change from Financial Institutions’s previous quarterly dividend of $0.31. The ex-dividend date is Friday, March 13th. This represents a $1.28 annualized dividend and a yield of 4.1%. Financial Institutions’s dividend payout ratio is currently 35.46%.

Institutional Trading of Financial Institutions

Several hedge funds have recently modified their holdings of FISI. PL Capital Advisors LLC raised its position in Financial Institutions by 1.6% in the 4th quarter. PL Capital Advisors LLC now owns 1,802,791 shares of the bank’s stock worth $56,193,000 after purchasing an additional 27,905 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Financial Institutions by 3.8% during the third quarter. Vanguard Group Inc. now owns 1,095,428 shares of the bank’s stock worth $29,796,000 after acquiring an additional 40,240 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Financial Institutions by 42.4% during the fourth quarter. Wellington Management Group LLP now owns 1,049,295 shares of the bank’s stock valued at $32,707,000 after acquiring an additional 312,470 shares during the period. Adage Capital Partners GP L.L.C. boosted its holdings in Financial Institutions by 19.8% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 972,043 shares of the bank’s stock valued at $30,299,000 after acquiring an additional 160,825 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Financial Institutions by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 955,906 shares of the bank’s stock worth $29,796,000 after purchasing an additional 4,801 shares during the period. 60.45% of the stock is owned by institutional investors.

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.