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

Key Points

• Wall Street Zen downgraded Financial Institutions (NASDAQ:FISI) from buy to hold in a Saturday research note.
• Other analysts remain mixed: Piper Sandler kept a neutral rating, Keefe, Bruyette & Woods raised its price target to $38 with an outperform rating, and Weiss Ratings upgraded the stock to buy. The overall consensus from MarketBeat is still Moderate Buy with a $37 price target.
• The company recently reported EPS of $1.04, topping estimates of $0.92, while revenue came in roughly in line with expectations. Shares last traded at $35.41, near the stock’s 52-week high.

Financial Institutions (NASDAQ:FISI - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

FISI has been the topic of a number of other reports. Piper Sandler reissued a "neutral" rating and issued a $36.00 price objective (up from $34.00) on shares of Financial Institutions in a research note on Monday, February 2nd. Keefe, Bruyette & Woods lifted their price objective on shares of Financial Institutions from $35.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, February 2nd. Finally, Weiss Ratings raised shares of Financial Institutions from a "hold (c-)" rating to a "buy (b-)" rating in a research note on Thursday, March 12th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Financial Institutions presently has an average rating of "Moderate Buy" and a consensus price target of $37.00.

Financial Institutions Price Performance

NASDAQ FISI opened at $35.41 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. Financial Institutions has a 1-year low of $24.41 and a 1-year high of $35.70. The company has a 50 day moving average of $32.58 and a 200-day moving average of $31.76. The company has a market cap of $697.22 million, a price-to-earnings ratio of 9.22 and a beta of 0.63.

Financial Institutions (NASDAQ:FISI - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $1.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.92 by $0.12. The company had revenue of $62.67 million during the quarter, compared to the consensus estimate of $62.76 million. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. On average, equities research analysts expect that Financial Institutions will post 3.96 earnings per share for the current fiscal year.

Institutional Trading of Financial Institutions

A number of hedge funds and other institutional investors have recently modified their holdings of FISI. Larson Financial Group LLC grew its stake in shares of Financial Institutions by 3,150.0% during the third quarter. Larson Financial Group LLC now owns 1,170 shares of the bank's stock worth $32,000 after buying an additional 1,134 shares during the last quarter. Comerica Bank grew its stake in shares of Financial Institutions by 39.8% during the third quarter. Comerica Bank now owns 1,647 shares of the bank's stock worth $45,000 after buying an additional 469 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Financial Institutions by 679.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank's stock worth $45,000 after buying an additional 1,515 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Financial Institutions by 44.8% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank's stock worth $50,000 after buying an additional 497 shares during the last quarter. Finally, Fifth Third Bancorp bought a new stake in shares of Financial Institutions during the first quarter worth $52,000. Institutional investors own 60.45% of the company's stock.

Financial Institutions Company Profile

Financial Institutions, Inc NASDAQ: FISI is a non-diversified, closed-end management investment company that seeks to provide tax-advantaged income to shareholders. The company invests primarily in investment-grade municipal obligations issued by states, municipalities and government agencies across the United States. By focusing on high-credit-quality bonds, Financial Institutions aims to deliver current income that is exempt from federal income tax.

In constructing its portfolio, the company may also utilize money market instruments and repurchase agreements to manage liquidity and facilitate efficient settlement.

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