Financial Institutions (NASDAQ:FISI) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report)'s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $26.01 and traded as high as $27.64. Financial Institutions shares last traded at $27.01, with a volume of 171,493 shares trading hands.

Analyst Ratings Changes

Separately, Wall Street Zen cut shares of Financial Institutions from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st.

Financial Institutions Stock Performance

The firm's 50 day moving average price is $26.05 and its two-hundred day moving average price is $26.03. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $543.37 million, a PE ratio of -36.03 and a beta of 0.71.

Financial Institutions (NASDAQ:FISI - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The bank reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.07. The business had revenue of $57.24 million during the quarter, compared to analysts' expectations of $57.14 million. Financial Institutions had a negative net margin of 2.63% and a positive return on equity of 12.69%. On average, research analysts forecast that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.

Financial Institutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 2nd. Investors of record on Friday, June 13th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.59%. Financial Institutions's payout ratio is currently -165.33%.

Hedge Funds Weigh In On Financial Institutions

A number of hedge funds have recently made changes to their positions in FISI. Charles Schwab Investment Management Inc. boosted its position in shares of Financial Institutions by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 125,323 shares of the bank's stock worth $3,420,000 after purchasing an additional 895 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of Financial Institutions during the 4th quarter worth approximately $318,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Financial Institutions by 14.9% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 112,129 shares of the bank's stock worth $3,060,000 after buying an additional 14,570 shares in the last quarter. Picton Mahoney Asset Management lifted its holdings in Financial Institutions by 45.5% during the 4th quarter. Picton Mahoney Asset Management now owns 1,196 shares of the bank's stock worth $32,000 after buying an additional 374 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Financial Institutions by 38.1% during the 4th quarter. American Century Companies Inc. now owns 424,825 shares of the bank's stock worth $11,593,000 after buying an additional 117,142 shares in the last quarter. Hedge funds and other institutional investors 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.