Financial Institutions (NASDAQ:FISI) Hits New 1-Year High - Here's What Happened

Key Points

• Financial Institutions, Inc. (NASDAQ:FISI) hit a new 52-week high during Thursday trading, reaching as high as $40.40 and closing near $40.23, up about 2.7% on the day.
• The company recently beat quarterly earnings expectations, reporting $1.04 EPS versus the $0.92 consensus, while revenue came in roughly in line with forecasts.
• FISI also pays a quarterly dividend of $0.32 per share, equal to an annualized yield of about 3.2%, and institutional investors own more than 60% of the stock.

Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $40.40 and last traded at $40.2340, with a volume of 27124 shares changing hands. The stock had previously closed at $39.17.

Analyst Ratings Changes

FISI has been the topic of several research analyst reports. Wall Street Zen lowered Financial Institutions from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Weiss Ratings restated a "buy (b)" rating on shares of Financial Institutions in a research note on Monday, July 6th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

Financial Institutions Stock Up 2.7%

The firm has a 50-day moving average price of $37.01 and a 200 day moving average price of $34.17. The company has a market cap of $791.93 million, a price-to-earnings ratio of 10.48 and a beta of 0.63. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86.

Financial Institutions (NASDAQ:FISI - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.12. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. The business had revenue of $62.67 million during the quarter, compared to analysts' expectations of $62.76 million. Sell-side analysts predict that Financial Institutions, Inc. will post 3.96 EPS for the current year.

Financial Institutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Friday, June 12th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.28 annualized dividend and a yield of 3.2%. Financial Institutions's dividend payout ratio is currently 33.33%.

Hedge Funds Weigh In On Financial Institutions

Institutional investors have recently modified their holdings of the business. Royal Bank of Canada lifted its position in shares of Financial Institutions by 31.6% in the 1st quarter. Royal Bank of Canada now owns 1,290 shares of the bank's stock worth $40,000 after purchasing an additional 310 shares during the period. Comerica Bank increased its position 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 period. CANADA LIFE ASSURANCE Co raised its stake in 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. Charles Schwab Investment Management Inc. raised its stake in Financial Institutions by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 168,746 shares of the bank's stock worth $5,260,000 after buying an additional 774 shares during the last quarter. Finally, Creative Planning lifted its holdings in Financial Institutions by 5.0% in the third quarter. Creative Planning now owns 17,922 shares of the bank's stock valued at $487,000 after buying an additional 850 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.