Financial Institutions (NASDAQ:FISI) Stock Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Financial Institutions’ shares crossed above their 200-day moving average, reaching $40.12 before last trading at $39.55, compared with a 200-day average of $37.30.
• Analysts maintain a generally positive view, with an overall “Moderate Buy” rating and an average price target of $45.00; recent upgrades included an “outperform” rating from Keefe, Bruyette & Woods.
• The company exceeded quarterly earnings expectations, reporting $1.04 in EPS versus the $0.93 consensus, and announced a quarterly dividend of $0.32 per share, equivalent to a 3.2% yield.

Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report) passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $37.30 and traded as high as $40.12. Financial Institutions shares last traded at $39.55, with a volume of 132,642 shares trading hands.

Analyst Upgrades and Downgrades

FISI has been the topic of a number of analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Financial Institutions in a research report on Monday, July 6th. Piper Sandler reaffirmed a "neutral" rating and issued a $45.00 price objective (up from $38.00) on shares of Financial Institutions in a report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods lifted their price objective on Financial Institutions from $42.00 to $45.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $45.00.

Financial Institutions Trading Down 1.7%

The firm's fifty day simple moving average is $40.97 and its 200 day simple moving average is $37.30. The stock has a market capitalization of $779.53 million, a P/E ratio of 9.81 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 quarterly earnings results on Thursday, July 23rd. The bank reported $1.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.11. The company had revenue of $64.31 million during the quarter, compared to the consensus estimate of $63.54 million. Financial Institutions had a net margin of 21.78% and a return on equity of 13.45%. As a group, equities research analysts forecast that Financial Institutions, Inc. will post 4.21 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.2%. The ex-dividend date is Tuesday, September 15th. Financial Institutions's payout ratio is currently 31.76%.

Institutional Investors Weigh In On Financial Institutions

A number of large investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in shares of Financial Institutions during the 2nd quarter worth $64,973,000. Ategra Capital Management LLC bought a new stake in shares of Financial Institutions during the 2nd quarter worth $21,983,000. Hillsdale Investment Management Inc. acquired a new stake in Financial Institutions in the first quarter valued at about $7,391,000. Canandaigua National Bank & Trust Co. acquired a new stake in Financial Institutions in the second quarter valued at about $6,006,000. Finally, Bank of America Corp DE bought a new position in Financial Institutions in the second quarter valued at about $5,015,000. 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 subsidiaries, the company provides banking, wealth management and insurance services to individuals, families, businesses and nonprofit organizations.

Its principal banking subsidiary, Five Star Bank, offers deposit accounts, residential and commercial lending, mortgages, credit cards, treasury management and other financial products. The company also provides investment management, trust and financial planning services through its wealth management operations, as well as personal and commercial insurance solutions through its insurance business.

Financial Institutions primarily serves communities across Western and Central New York through a network of banking offices and digital channels.

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