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

Key Points

• Financial Institutions’ stock moved above its 200-day moving average, reaching $41.39 before closing at $40.82, compared with the $35.96 long-term average.
• Analyst sentiment remains generally positive, with an overall “Moderate Buy” rating and an average price target of $45.00; Piper Sandler and Keefe, Bruyette & Woods both raised their targets to $45.
• The company exceeded quarterly expectations, reporting $1.04 EPS versus the $0.93 consensus estimate and $64.31 million in revenue versus $63.54 million expected. Institutional investors own 60.45% of the stock.

Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $35.96 and traded as high as $41.39. Financial Institutions shares last traded at $40.82, with a volume of 93,321 shares.

Analyst Ratings Changes

Several analysts have commented on FISI shares. Piper Sandler restated a "neutral" rating and set a $45.00 target price (up from $38.00) on shares of Financial Institutions in a report on Monday, August 3rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Financial Institutions in a report on Monday, July 6th. Keefe, Bruyette & Woods raised their price objective on shares of Financial Institutions from $42.00 to $45.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Finally, Wall Street Zen cut shares of Financial Institutions from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $45.00.

Financial Institutions Stock Performance

The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $804.56 million, a P/E ratio of 10.13 and a beta of 0.63. The stock has a fifty day moving average of $39.94 and a 200-day moving average of $35.96.

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

Institutional Trading of Financial Institutions

A number of institutional investors have recently made changes to their positions in FISI. Sei Investments Co. grew its position in Financial Institutions by 205.0% in the first quarter. Sei Investments Co. now owns 51,480 shares of the bank's stock valued at $1,632,000 after purchasing an additional 34,601 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new stake in Financial Institutions in the 1st quarter valued at $7,391,000. GSA Capital Partners LLP bought a new stake in Financial Institutions during the 2nd quarter worth about $1,459,000. Canandaigua National Bank & Trust Co. bought a new stake in Financial Institutions during the 2nd quarter worth about $6,006,000. Finally, Strs Ohio bought a new stake in Financial Institutions during the 1st quarter worth about $596,000. Institutional investors own 60.45% of the company's stock.

About Financial Institutions

Financial Institutions, Inc NASDAQ: FISI is a non-diversified, closed-end management investment company that seeks to provide tax-advantaged income to shareholders. The company invests primarily in investment-grade municipal obligations issued by states, municipalities and government agencies across the United States. By focusing on high-credit-quality bonds, Financial Institutions aims to deliver current income that is exempt from federal income tax.

In constructing its portfolio, the company may also utilize money market instruments and repurchase agreements to manage liquidity and facilitate efficient settlement.

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