Financial Institutions (NASDAQ:FISI) Reaches New 52-Week High – Should You Buy?

Shares of Financial Institutions, Inc. (NASDAQ:FISI) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $38.47 and last traded at $37.9990, with a volume of 13272 shares trading hands. The stock had previously closed at $37.90.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FISI shares. Wall Street Zen downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings raised shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a report on Thursday, March 12th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Financial Institutions Stock Performance

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 capitalization of $742.71 million, a P/E ratio of 9.81 and a beta of 0.64. The stock’s 50 day moving average is $35.01 and its two-hundred day moving average is $33.07.

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, topping analysts’ consensus estimates of $0.92 by $0.12. The business had revenue of $62.67 million during the quarter, compared to the consensus estimate of $62.76 million. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. As a group, equities analysts anticipate that Financial Institutions, Inc. will post 3.96 earnings per share for the current fiscal year.

Financial Institutions Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Friday, June 12th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, June 12th. Financial Institutions’s payout ratio is 33.33%.

Institutional Investors Weigh In On Financial Institutions

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

About Financial Institutions

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.