Financial Institutions (NASDAQ:FISI) Hits New 52-Week High – Still a Buy?

Financial Institutions, Inc. (NASDAQ:FISI)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $39.27 and last traded at $38.5340, with a volume of 927732 shares changing hands. The stock had previously closed at $38.93.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FISI shares. Wall Street Zen lowered Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings raised Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research note on Thursday, March 12th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Financial Institutions Stock Performance

The firm’s fifty day moving average price is $35.88 and its 200 day moving average price is $33.56. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $757.75 million, a price-to-earnings ratio of 10.04 and a beta of 0.64.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings data 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. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. The firm had revenue of $62.67 million during the quarter, compared to analysts’ expectations of $62.76 million. Analysts forecast that Financial Institutions, Inc. will post 3.96 EPS for the current fiscal year.

Financial Institutions Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Friday, June 12th. Financial Institutions’s dividend payout ratio (DPR) is currently 33.33%.

Institutional Investors Weigh In On Financial Institutions

Institutional investors have recently modified their holdings of the company. Larson Financial Group LLC raised its holdings in shares of Financial Institutions by 3,150.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock valued at $32,000 after buying an additional 1,134 shares during the period. Royal Bank of Canada boosted its holdings in Financial Institutions by 31.6% during the 1st quarter. Royal Bank of Canada now owns 1,290 shares of the bank’s stock valued at $40,000 after acquiring an additional 310 shares during the period. Comerica Bank grew its position in Financial Institutions by 39.8% in 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. EverSource Wealth Advisors LLC grew its position in Financial Institutions by 679.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after acquiring an additional 1,515 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its stake in Financial Institutions by 44.8% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock worth $50,000 after purchasing an additional 497 shares during the period. 60.45% of the stock is 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.