Financial Institutions (NASDAQ:FISI) Stock Price Passes Above Two Hundred Day Moving Average - What's Next?

Key Points

• Financial Institutions, Inc.'s stock price recently surpassed its 200-day moving average of $25.80, reaching a high of $27.99, and traded at $27.42 with a volume of 135,154 shares on Monday.
• Wall Street analysts have mixed opinions on the stock, with an overall average rating of "Hold" and a consensus target price set at $33.00.
• The firm declared a quarterly dividend of $0.31, translating to an annualized yield of 4.5%, and also approved a stock buyback plan allowing repurchases of up to $1.00 million.

Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $25.80 and traded as high as $27.99. Financial Institutions shares last traded at $27.42, with a volume of 135,154 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FISI. Wall Street Zen downgraded Financial Institutions from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Weiss Ratings reissued a "sell (d+)" rating on shares of Financial Institutions in a report on Saturday, September 27th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Financial Institutions currently has an average rating of "Hold" and a consensus target price of $33.00.

Financial Institutions Price Performance

The company's 50 day simple moving average is $26.61 and its 200 day simple moving average is $25.80. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $551.96 million, a PE ratio of -18.04 and a beta of 0.71.

Financial Institutions (NASDAQ:FISI - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.07. The business had revenue of $59.74 million for the quarter, compared to analysts' expectations of $59.86 million. Financial Institutions had a positive return on equity of 10.44% and a negative net margin of 4.96%. On average, equities analysts anticipate that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.

Financial Institutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 2nd. Shareholders of record on Monday, September 15th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Monday, September 15th. Financial Institutions's dividend payout ratio (DPR) is presently -81.58%.

Financial Institutions announced that its board has approved a stock repurchase plan on Monday, September 22nd that allows the company to repurchase $1.00 million in shares. This repurchase authorization allows the bank to reacquire up to 0.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Financial Institutions

Several hedge funds have recently modified their holdings of the stock. Thrivent Financial for Lutherans grew its holdings in Financial Institutions by 13.3% in the second quarter. Thrivent Financial for Lutherans now owns 10,409 shares of the bank's stock valued at $267,000 after purchasing an additional 1,218 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Financial Institutions by 1,498.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,060 shares of the bank's stock valued at $284,000 after buying an additional 10,368 shares during the period. Rafferty Asset Management LLC acquired a new stake in shares of Financial Institutions during the 2nd quarter worth $571,000. BNP Paribas Financial Markets increased its holdings in shares of Financial Institutions by 461.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,042 shares of the bank's stock worth $155,000 after buying an additional 4,966 shares during the last quarter. Finally, Bank of America Corp DE raised its position in shares of Financial Institutions by 143.9% in the 2nd quarter. Bank of America Corp DE now owns 52,028 shares of the bank's stock worth $1,336,000 after buying an additional 30,700 shares during the period. 60.45% of the stock is owned by institutional investors and hedge funds.

Financial Institutions Company Profile

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.

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