Financial Institutions (NASDAQ:FISI) Downgraded by Wall Street Zen to "Hold"

Key Points

• Financial Institutions (NASDAQ:FISI) has been downgraded from a "buy" rating to a "hold" rating by analysts at Wall Street Zen.
• Recently, shares of Financial Institutions were down by 1.0%, trading at $26.06, which is near its 50-day and 200-day moving average prices.
• The company's latest quarterly earnings report showed an EPS of $0.85, beating analysts' expectations, despite a net margin of -4.96%.

Wall Street Zen cut shares of Financial Institutions (NASDAQ:FISI - Free Report) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.

Financial Institutions Stock Up 0.7%

Shares of NASDAQ FISI traded up $0.17 during midday trading on Friday, hitting $26.23. 45,449 shares of the company's stock were exchanged, compared to its average volume of 162,518. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.86 and a quick ratio of 0.86. Financial Institutions has a twelve month low of $20.97 and a twelve month high of $29.78. The company has a market cap of $527.57 million, a PE ratio of -17.27 and a beta of 0.71. The firm's fifty day simple moving average is $26.14 and its 200-day simple moving average is $26.02.

Financial Institutions (NASDAQ:FISI - Get Free Report) last issued its earnings results on Thursday, July 24th. The bank reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.07. The business had revenue of $59.74 million for the quarter, compared to analyst estimates of $59.86 million. Financial Institutions had a positive return on equity of 10.67% and a negative net margin of 4.96%. Research analysts predict that Financial Institutions will post 3.3 EPS for the current fiscal year.

Financial Institutions Announces Dividend

The company also recently declared 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. This represents a $1.24 annualized dividend and a yield of 4.73%. The ex-dividend date of this dividend was Friday, June 13th. Financial Institutions's dividend payout ratio (DPR) is -81.58%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd purchased a new position in shares of Financial Institutions in the 4th quarter valued at approximately $87,000. Jump Financial LLC purchased a new position in shares of Financial Institutions in the 1st quarter valued at approximately $205,000. CWM LLC grew its stake in shares of Financial Institutions by 8.1% in the 1st quarter. CWM LLC now owns 9,222 shares of the bank's stock valued at $230,000 after purchasing an additional 688 shares during the last quarter. Corebridge Financial Inc. grew its stake in shares of Financial Institutions by 24.2% in the 1st quarter. Corebridge Financial Inc. now owns 9,375 shares of the bank's stock valued at $234,000 after purchasing an additional 1,828 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Financial Institutions by 4.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,716 shares of the bank's stock valued at $238,000 after purchasing an additional 380 shares during the last quarter. Institutional investors and hedge funds own 60.45% of the company's stock.

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.