Financial Institutions (NASDAQ:FISI) Stock Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• Financial Institutions’ shares moved above their 200-day moving average, reaching $40.78 and last trading at $40.64 versus a 200-day average of $36.89.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $45.00; recent targets were raised by Keefe, Bruyette & Woods and Piper Sandler.
• The bank exceeded quarterly earnings expectations, reporting $1.04 EPS and $64.31 million in revenue, and declared a quarterly dividend of $0.32 per share, representing a 3.1% yield.

Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report)'s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $36.89 and traded as high as $40.78. Financial Institutions shares last traded at $40.64, with a volume of 412,120 shares trading hands.

Wall Street Analyst Weigh In

FISI has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Financial Institutions in a research note on Monday, July 6th. Keefe, Bruyette & Woods lifted their price objective on shares of Financial Institutions from $42.00 to $45.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Finally, Piper Sandler reissued a "neutral" rating and issued a $45.00 target price (up from $38.00) on shares of Financial Institutions in a research report on Monday, August 3rd. Two investment 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 a consensus rating of "Moderate Buy" and an average target price of $45.00.

Financial Institutions Stock Down 0.2%

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The business's 50-day simple moving average is $40.88 and its 200-day simple moving average is $36.89. The company has a market capitalization of $800.85 million, a PE ratio of 10.08 and a beta of 0.62.

Financial Institutions (NASDAQ:FISI - Get Free Report) last released its quarterly earnings data 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 firm 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%. As a group, equities research analysts anticipate that Financial Institutions, Inc. will post 4.21 EPS for the current fiscal year.

Financial Institutions Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 15th. Financial Institutions's dividend payout ratio (DPR) is 31.76%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Allworth Financial LP boosted its holdings in Financial Institutions by 10.0% during the second quarter. Allworth Financial LP now owns 3,251 shares of the bank's stock worth $127,000 after buying an additional 296 shares in the last quarter. Royal Bank of Canada increased its holdings in Financial Institutions by 31.6% in the first quarter. Royal Bank of Canada now owns 1,290 shares of the bank's stock valued at $40,000 after buying an additional 310 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Financial Institutions in the second quarter valued at $38,000. Quantbot Technologies LP acquired a new position in shares of Financial Institutions in the second quarter worth about $56,000. Finally, Fifth Third Bancorp acquired a new position in shares of Financial Institutions in the first quarter worth about $52,000. 60.45% of the stock is owned by institutional investors and hedge funds.

Financial Institutions Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.