Financial Institutions (NASDAQ:FISI) Share Price Breaks Above 200 Day Moving Average - Here's What Happened

Key Points

• Financial Institutions’ shares rose above their 200-day moving average, reaching $39.95 before closing at $39.28, compared with the $37.68 long-term average.
• Analysts maintain a generally positive outlook: the stock has a consensus “Moderate Buy” rating and an average price target of $45, following target increases from Keefe, Bruyette & Woods and Piper Sandler.
• The company exceeded quarterly earnings expectations, reporting $1.04 EPS versus the $0.93 consensus and revenue of $64.31 million; it also pays a $0.32 quarterly dividend, yielding about 3.3% annually.

Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report) shares passed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $37.68 and traded as high as $39.95. Financial Institutions shares last traded at $39.28, with a volume of 95,718 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Financial Institutions in a research note on Friday. Keefe, Bruyette & Woods lifted their target price on Financial Institutions from $42.00 to $45.00 and gave the stock an "outperform" rating in a research report on Monday, July 27th. Finally, Piper Sandler restated a "neutral" rating and set a $45.00 price target (up from $38.00) on shares of Financial Institutions in a research note on Monday, August 3rd. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $45.00.

Financial Institutions Trading Down 0.9%

The business's 50 day moving average price is $40.88 and its 200-day moving average price is $37.68. The company has a market cap of $774.05 million, a price-to-earnings ratio of 9.75 and a beta of 0.62. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88.

Financial Institutions (NASDAQ:FISI - Get Free Report) last issued its earnings results on Thursday, July 23rd. The bank reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.11. The business had revenue of $64.31 million for the quarter, compared to analyst estimates of $63.54 million. Financial Institutions had a net margin of 21.78% and a return on equity of 13.45%. On average, research analysts forecast that Financial Institutions, Inc. will post 4.21 EPS for the current year.

Financial Institutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 2nd. Stockholders of record on Tuesday, September 15th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Tuesday, September 15th. Financial Institutions's payout ratio is currently 31.76%.

Institutional Investors Weigh In On Financial Institutions

A number of hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new stake in Financial Institutions during the second quarter worth about $38,000. Royal Bank of Canada boosted its stake in Financial Institutions by 31.6% in the first quarter. Royal Bank of Canada now owns 1,290 shares of the bank's stock worth $40,000 after purchasing an additional 310 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Financial Institutions in the second quarter valued at $56,000. Fifth Third Bancorp bought a new position in shares of Financial Institutions in the first quarter valued at about $52,000. Finally, Allworth Financial LP bought a new stake in Financial Institutions during the 2nd quarter worth about $127,000. Institutional investors and hedge funds own 60.45% of the company's stock.

Financial Institutions Company Profile

Financial Institutions, Inc NASDAQ: FISI is a financial services holding company headquartered in Western New York. Through its banking and wealth management subsidiaries, the company provides financial products and services to individuals, businesses, municipalities and nonprofit organizations.

Its principal subsidiary, Five Star Bank, offers consumer and commercial banking services, including deposit accounts, residential and commercial real estate lending, business loans, agricultural financing, personal loans, cash management and electronic banking.

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