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

Key Points

• Financial Institutions shares moved above their 200-day moving average, reaching $38.74 before closing at $38.63, compared with the average of $38.00.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a $45 price target; recent targets were raised by Keefe, Bruyette & Woods and Piper Sandler.
• The bank exceeded quarterly earnings expectations, reporting $1.04 in EPS versus $0.93 expected, and pays a $0.32 quarterly dividend, equivalent to a 3.3% yield.

Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report) crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $38.00 and traded as high as $38.74. Financial Institutions shares last traded at $38.63, with a volume of 118,187 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FISI. Keefe, Bruyette & Woods increased their price target on Financial Institutions from $42.00 to $45.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. Piper Sandler restated a "neutral" rating and set a $45.00 price objective (up from $38.00) on shares of Financial Institutions in a report on Monday, August 3rd. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Financial Institutions in a research note on Friday, October 2nd. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Financial Institutions has an average rating of "Moderate Buy" and an average price target of $45.00.

Financial Institutions Stock Down 0.4%

The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market cap of $761.40 million, a PE ratio of 9.59 and a beta of 0.62. The business has a fifty day moving average price of $40.50 and a two-hundred day moving average price of $38.00.

Financial Institutions (NASDAQ:FISI - Get Free Report) last posted its quarterly 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 firm had revenue of $64.31 million for the quarter, compared to analyst estimates of $63.54 million. Financial Institutions had a return on equity of 13.45% and a net margin of 21.78%. On average, analysts anticipate that Financial Institutions, Inc. will post 4.21 EPS for the current fiscal year.

Financial Institutions Announces Dividend

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

Hedge Funds Weigh In On Financial Institutions

Large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp purchased a new stake in Financial Institutions in the 2nd quarter worth approximately $4,592,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Financial Institutions during the 2nd quarter valued at $1,619,000. Bank of America Corp DE grew its holdings in shares of Financial Institutions by 101.3% during the 1st quarter. Bank of America Corp DE now owns 119,691 shares of the bank's stock valued at $3,795,000 after acquiring an additional 60,234 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Financial Institutions during the 2nd quarter valued at $4,254,000. Finally, Man Group plc purchased a new position in shares of Financial Institutions during the 2nd quarter valued at $1,464,000. Institutional investors and hedge funds own 60.45% of the company's stock.

About Financial Institutions

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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