Financial Institutions (NASDAQ:FISI) Announces Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Key Points

• Financial Institutions (NASDAQ:FISI) reported $0.85 earnings per share for the quarter, exceeding analysts' expectations by $0.07.
• The company also declared a quarterly dividend of $0.31 per share, representing an annualized yield of 4.76%.
• Wall Street analysts have downgraded Financial Institutions from a "buy" rating to a "hold" rating following the earnings announcement.

Financial Institutions (NASDAQ:FISI - Get Free Report) released its earnings results on Thursday. The bank reported $0.85 earnings per share for the quarter, topping analysts' consensus estimates of $0.78 by $0.07, Zacks reports. Financial Institutions had a positive return on equity of 10.67% and a negative net margin of 4.96%. The business had revenue of $59.74 million for the quarter, compared to analyst estimates of $59.86 million.

Financial Institutions Stock Performance

Financial Institutions stock traded down $0.26 during mid-day trading on Friday, reaching $26.06. 218,254 shares of the company were exchanged, compared to its average volume of 168,413. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.86 and a current ratio of 0.86. The firm's 50-day simple moving average is $26.14 and its two-hundred day simple moving average is $26.03. The firm has a market cap of $524.07 million, a PE ratio of -17.14 and a beta of 0.71. Financial Institutions has a twelve month low of $20.97 and a twelve month high of $29.78.

Financial Institutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 2nd. Shareholders of record on Friday, June 13th were given a dividend of $0.31 per share. The ex-dividend date was Friday, June 13th. This represents a $1.24 dividend on an annualized basis and a yield of 4.76%. Financial Institutions's payout ratio is -165.33%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded Financial Institutions from a "buy" rating to a "hold" rating in a report on Saturday.

Institutional Trading of Financial Institutions

Several hedge funds have recently modified their holdings of the business. Jane Street Group LLC purchased a new position in Financial Institutions during the first quarter worth $375,000. Empowered Funds LLC lifted its stake in shares of Financial Institutions by 7.1% in the first quarter. Empowered Funds LLC now owns 74,841 shares of the bank's stock worth $1,868,000 after acquiring an additional 4,979 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Financial Institutions by 30.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank's stock worth $283,000 after acquiring an additional 2,617 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in Financial Institutions by 12.2% during the first quarter. AQR Capital Management LLC now owns 97,206 shares of the bank's stock valued at $2,426,000 after buying an additional 10,590 shares in the last quarter. 60.45% of the stock is owned by institutional investors and hedge funds.

About Financial Institutions

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 provides 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.

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