Financial Institutions (NASDAQ:FISI) Releases Earnings Results

Key Points

• Financial Institutions reported quarterly earnings of $1.04 per share, topping analyst expectations of $0.93 by $0.11. Revenue also came in slightly ahead of estimates at $64.31 million.
• The stock traded down slightly after the release, finishing at $38.72. The company has a market cap of $762.4 million and a dividend yield of 3.3% based on its recent $0.32 quarterly payout.
• Institutional interest in the stock remains solid, with hedge funds and other investors continuing to add shares and 60.45% of the company owned by institutions. Analyst sentiment is mixed but overall leans positive, with an average rating of Moderate Buy.

Financial Institutions (NASDAQ:FISI - Get Free Report) announced its earnings results on Thursday. The bank reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.11, FiscalAI reports. Financial Institutions had a return on equity of 13.08% and a net margin of 20.85%.The company had revenue of $64.31 million during the quarter, compared to the consensus estimate of $63.54 million.

Financial Institutions Stock Performance

FISI stock traded down $0.17 during trading on Thursday, reaching $38.72. The stock had a trading volume of 159,140 shares, compared to its average volume of 148,680. The firm has a market cap of $762.40 million, a PE ratio of 10.08 and a beta of 0.63. Financial Institutions has a 52 week low of $24.62 and a 52 week high of $40.40. The stock's 50 day moving average is $37.46 and its two-hundred day moving average is $34.45. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were issued a $0.32 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.3%. Financial Institutions's dividend payout ratio (DPR) is presently 33.33%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Larson Financial Group LLC grew its holdings in 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 acquiring an additional 1,134 shares during the period. EverSource Wealth Advisors LLC lifted its position in Financial Institutions by 679.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank's stock valued at $45,000 after buying an additional 1,515 shares during the last quarter. Comerica Bank boosted its position in Financial Institutions by 39.8% in the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank's stock valued at $45,000 after buying an additional 469 shares during the period. CANADA LIFE ASSURANCE Co lifted its stake in Financial Institutions by 44.8% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank's stock worth $50,000 after acquiring an additional 497 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new position in Financial Institutions in the third quarter valued at approximately $53,000. Institutional investors own 60.45% of the company's stock.

Analyst Upgrades and Downgrades

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

About Financial Institutions

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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