Financial Institutions (NASDAQ:FISI) Issues Earnings Results

Financial Institutions (NASDAQ:FISI) announced its quarterly earnings data on Thursday. The bank reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.06), FiscalAI reports. The company had revenue of $64.75 million for the quarter, compared to analyst estimates of $66.55 million. Financial Institutions had a return on equity of 13.45% and a net margin of 21.78%.

Financial Institutions Stock Performance

Financial Institutions stock traded up $0.11 during mid-day trading on Thursday, reaching $40.88. The company’s stock had a trading volume of 93,524 shares, compared to its average volume of 144,630. The firm has a market cap of $805.58 million, a price-to-earnings ratio of 10.14 and a beta of 0.62. The business has a 50 day moving average price of $40.18 and a 200-day moving average price of $36.62. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. Financial Institutions has a twelve month low of $28.00 and a twelve month high of $42.97.

Financial Institutions Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, September 15th. Financial Institutions’s payout ratio is currently 31.76%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Financial Institutions in a research note on Friday, October 2nd. Piper Sandler reiterated a “neutral” rating and issued a $45.00 price target (up from $38.00) on shares of Financial Institutions in a research note on Monday, August 3rd. Finally, Keefe, Bruyette & Woods boosted their price objective on Financial Institutions from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $45.00.

About Financial Institutions

Financial Institutions, Inc (NASDAQ:FISI) is a diversified financial services company headquartered in Warsaw, New York. Through its principal banking subsidiary, Five Star Bank, the company provides community banking services to individuals, families, businesses and public-sector organizations.

Five Star Bank offers deposit accounts, residential and commercial real estate lending, consumer loans, business financing, cash-management services and other traditional banking products. The company also provides wealth management, investment advisory and retirement-plan administration services through specialized subsidiaries, including Courier Capital and Benefit Plan Administrative Services.

Financial Institutions serves customers primarily across communities in upstate New York, with related financial services available in additional markets.