Financial Institutions (NASDAQ:FISI) Rating Reiterated by Piper Sandler

Piper Sandler reaffirmed their neutral rating on shares of Financial Institutions (NASDAQ:FISI) in a research report sent to investors on Monday morning, MarketBeat.com reports. The firm currently has a $19.00 target price on the bank’s stock, down from their previous target price of $23.00.

Separately, TheStreet upgraded Financial Institutions from a c+ rating to a b- rating in a research report on Thursday, December 28th.

Financial Institutions Stock Performance

Shares of FISI opened at $18.64 on Monday. Financial Institutions has a 52 week low of $13.84 and a 52 week high of $23.11. The business’s 50 day moving average price is $19.42 and its 200-day moving average price is $18.66. The stock has a market cap of $287.24 million, a P/E ratio of 5.90 and a beta of 0.86. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.28.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.12). Financial Institutions had a net margin of 15.03% and a return on equity of 12.24%. The company had revenue of $55.25 million for the quarter, compared to analysts’ expectations of $50.29 million. Equities research analysts anticipate that Financial Institutions will post 2.71 earnings per share for the current fiscal year.

Financial Institutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 2nd. Investors of record on Friday, March 15th will be issued a $0.30 dividend. The ex-dividend date is Thursday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 6.44%. Financial Institutions’s payout ratio is currently 37.97%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in FISI. State Street Corp grew its holdings in Financial Institutions by 30.6% in the first quarter. State Street Corp now owns 494,212 shares of the bank’s stock worth $15,002,000 after purchasing an additional 115,703 shares during the last quarter. Courier Capital LLC boosted its holdings in shares of Financial Institutions by 100.8% in the 4th quarter. Courier Capital LLC now owns 217,453 shares of the bank’s stock valued at $4,632,000 after acquiring an additional 109,144 shares during the last quarter. Morgan Stanley raised its stake in shares of Financial Institutions by 69.4% during the 4th quarter. Morgan Stanley now owns 233,813 shares of the bank’s stock valued at $5,696,000 after buying an additional 95,779 shares during the last quarter. BlackRock Inc. boosted its position in Financial Institutions by 7.5% in the 1st quarter. BlackRock Inc. now owns 1,356,722 shares of the bank’s stock worth $26,158,000 after purchasing an additional 94,891 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of Financial Institutions by 23.4% during the 2nd quarter. Renaissance Technologies LLC now owns 334,400 shares of the bank’s stock valued at $5,263,000 after acquiring an additional 63,400 shares during the period. 60.45% of the stock is owned by institutional investors.

Financial Institutions Company Profile

Financial Institutions, Inc operates as a holding company for the Five Star Bank, a chartered bank that provides banking and financial services to individuals, municipalities, and businesses in New York. The company offers checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts, as well as NOW accounts.