Financial Institutions (NASDAQ:FISI) Releases Earnings Results, Beats Estimates 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 quarterly earnings results on Thursday. The bank reported $0.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.07, Zacks reports. The business had revenue of $59.74 million for the quarter, compared to analyst estimates of $59.86 million. Financial Institutions had a negative net margin of 4.96% and a positive return on equity of 10.67%.

Financial Institutions Stock Down 1.4%

Shares of NASDAQ:FISI traded down $0.35 during trading on Wednesday, hitting $25.56. The stock had a trading volume of 110,061 shares, compared to its average volume of 145,059. Financial Institutions has a 12 month low of $20.97 and a 12 month high of $29.78. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $514.01 million, a PE ratio of -16.82 and a beta of 0.71. The firm's fifty day moving average is $26.11 and its 200 day moving average is $26.03.

Financial Institutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 2nd. Investors of record on Friday, June 13th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 4.85%. The ex-dividend date of this dividend was Friday, June 13th. Financial Institutions's dividend payout ratio is presently -81.58%.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FISI. Jane Street Group LLC bought a new position in shares of Financial Institutions during the first quarter valued at approximately $375,000. Empowered Funds LLC lifted its stake in Financial Institutions by 7.1% during the first quarter. Empowered Funds LLC now owns 74,841 shares of the bank's stock worth $1,868,000 after purchasing an additional 4,979 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Financial Institutions by 30.0% during 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 during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Financial Institutions by 12.2% during the first quarter. AQR Capital Management LLC now owns 97,206 shares of the bank's stock worth $2,426,000 after purchasing an additional 10,590 shares during the last quarter. 60.45% of the stock is owned by hedge funds and other 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 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.