Financial Institutions (NASDAQ:FISI) Announces Earnings Results

Key Points

• Financial Institutions missed quarterly expectations: EPS was $0.99 versus the $1.05 consensus estimate, while revenue totaled $64.75 million compared with estimates of $66.55 million. Net margin was 21.78% and return on equity was 13.45%.
• The stock rose 0.3% to $40.88 following the results, near its 52-week high of $42.97. The company has a market capitalization of approximately $805.6 million and a price-to-earnings ratio of 10.14.
• Financial Institutions maintains an attractive dividend and positive analyst outlook: Its quarterly dividend is $0.32 per share, equating to a 3.1% yield, while analysts’ consensus rating is “Moderate Buy” with a $45.00 target price.

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

Financial Institutions Stock Up 0.3%

NASDAQ FISI traded up $0.11 during mid-day trading on Thursday, reaching $40.88. 93,524 shares of the company's stock traded hands, compared to its average volume of 144,630. Financial Institutions has a 1-year low of $28.00 and a 1-year high of $42.97. The company has a fifty day simple moving average of $40.18 and a 200-day simple moving average 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. The company has a market cap of $805.58 million, a price-to-earnings ratio of 10.14 and a beta of 0.62.

Financial Institutions Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts have recently commented on FISI shares. Weiss Ratings reissued a "buy (b)" rating on shares of Financial Institutions in a research report on Friday, October 2nd. Piper Sandler restated a "neutral" rating and issued a $45.00 target price (up from $38.00) on shares of Financial Institutions in a research note on Monday, August 3rd. Finally, Keefe, Bruyette & Woods raised their price target on shares of 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 assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.

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