Financial Institutions (NASDAQ:FISI) Stock Price Passes Above 200-Day Moving Average - Time to Sell?

Key Points

• Financial Institutions, Inc. (NASDAQ:FISI) moved above its 200-day moving average, trading as high as $35.65 and last changing hands around $35.41, suggesting improved near-term momentum.
• Analyst sentiment is mixed but generally constructive: the stock has a Moderate Buy consensus with a $37 average price target, while recent calls included target raises from Keefe, Bruyette & Woods and Piper Sandler.
• The company reported better-than-expected earnings of $1.04 per share for the latest quarter and recently increased its quarterly dividend to $0.32, implying a 3.6% annualized yield.

Shares of Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $31.76 and traded as high as $35.65. Financial Institutions shares last traded at $35.41, with a volume of 79,736 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Keefe, Bruyette & Woods lifted their price target on Financial Institutions from $35.00 to $38.00 and gave the company an "outperform" rating in a research report on Monday, February 2nd. Weiss Ratings raised Financial Institutions from a "hold (c-)" rating to a "buy (b-)" rating in a report on Thursday, March 12th. Piper Sandler reissued a "neutral" rating and issued a $36.00 price objective (up from $34.00) on shares of Financial Institutions in a report on Monday, February 2nd. Finally, Wall Street Zen raised Financial Institutions from a "hold" rating to a "buy" rating in a report on Saturday, February 14th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $37.00.

Financial Institutions Stock Performance

The firm has a market cap of $697.22 million, a PE ratio of 9.22 and a beta of 0.63. The firm has a 50-day moving average price of $32.58 and a two-hundred day moving average price of $31.76. The company has a quick ratio of 0.89, a current ratio of 0.86 and a debt-to-equity ratio of 0.13.

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

Financial Institutions Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 2nd. Stockholders of record on Friday, March 13th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.6%. This is a boost from Financial Institutions's previous quarterly dividend of $0.31. The ex-dividend date was Friday, March 13th. Financial Institutions's dividend payout ratio (DPR) is 33.33%.

Hedge Funds Weigh In On Financial Institutions

Several hedge funds and other institutional investors have recently made changes to their positions in FISI. Hillsdale Investment Management Inc. acquired a new stake in shares of Financial Institutions in the first quarter valued at approximately $7,391,000. Fifth Third Bancorp acquired a new stake in shares of Financial Institutions in the first quarter valued at approximately $52,000. Hsbc Holdings PLC acquired a new stake in shares of Financial Institutions in the first quarter valued at approximately $369,000. Strs Ohio acquired a new stake in shares of Financial Institutions in the first quarter valued at approximately $596,000. Finally, Empowered Funds LLC increased its holdings in shares of Financial Institutions by 10.6% in the fourth quarter. Empowered Funds LLC now owns 93,507 shares of the bank's stock valued at $2,915,000 after purchasing an additional 8,994 shares during the last quarter. Hedge funds and other 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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