Financial Institutions (NASDAQ:FISI) Given New $45.00 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised Financial Institutions’ price target to $45.00 from $42.00 while maintaining an “outperform” rating, implying 9.56% upside from the prior close.
• Financial Institutions reported quarterly EPS of $1.04, exceeding the $0.93 consensus estimate, while revenue of $64.31 million also topped expectations.
• The stock traded at $41.08, near its 52-week high of $41.45; analysts’ consensus rating is “Moderate Buy” with a $40.50 target, and institutional investors own 60.45% of shares.

Financial Institutions (NASDAQ:FISI - Get Free Report) had its price objective hoisted by stock analysts at Keefe, Bruyette & Woods from $42.00 to $45.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "outperform" rating on the bank's stock. Keefe, Bruyette & Woods' price target suggests a potential upside of 9.56% from the company's previous close.

A number of other research firms have also issued reports on FISI. Weiss Ratings reissued a "buy (b)" rating on shares of Financial Institutions in a research report on Monday, July 6th. Wall Street Zen cut Financial Institutions from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.50.

Financial Institutions Price Performance

NASDAQ:FISI traded up $0.46 during midday trading on Monday, hitting $41.08. 30,817 shares of the stock were exchanged, compared to its average volume of 149,250. The company has a market capitalization of $808.77 million, a price-to-earnings ratio of 10.19 and a beta of 0.63. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. Financial Institutions has a one year low of $24.62 and a one year high of $41.45. The business has a 50-day moving average price of $37.69 and a two-hundred day moving average price of $34.57.

Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.93 by $0.11. Financial Institutions had a return on equity of 13.54% and a net margin of 21.78%.The company had revenue of $64.31 million for the quarter, compared to analyst estimates of $63.54 million. Sell-side analysts predict that Financial Institutions will post 3.96 EPS for the current year.

Institutional Trading of Financial Institutions

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FISI. Wellington Management Group LLP increased its position in Financial Institutions by 42.4% in the 4th quarter. Wellington Management Group LLP now owns 1,049,295 shares of the bank's stock valued at $32,707,000 after acquiring an additional 312,470 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in Financial Institutions in the first quarter valued at about $7,391,000. Adage Capital Partners GP L.L.C. increased its position in Financial Institutions by 19.8% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 972,043 shares of the bank's stock worth $30,299,000 after purchasing an additional 160,825 shares during the period. Canandaigua National Bank & Trust Co. bought a new stake in Financial Institutions during the 2nd quarter worth about $6,006,000. Finally, Millennium Management LLC lifted its position in Financial Institutions by 102.9% during the 3rd quarter. Millennium Management LLC now owns 184,618 shares of the bank's stock valued at $5,022,000 after purchasing an additional 93,626 shares during the period. 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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