Financial Institutions (FISI) Cut to “Market Perform” at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods downgraded shares of Financial Institutions (NASDAQ:FISI) to a market perform rating in a report published on Thursday, March 15th. The firm currently has $35.00 price objective on the bank’s stock.

Several other research analysts have also commented on the company. BidaskClub lowered Financial Institutions from a buy rating to a hold rating in a research report on Tuesday, December 19th. ValuEngine cut Financial Institutions from a buy rating to a hold rating in a report on Thursday, March 1st. Finally, Hovde Group reissued a buy rating and set a $36.00 target price on shares of Financial Institutions in a report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $34.17.

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Shares of FISI stock traded down $0.30 during mid-day trading on Thursday, hitting $30.30. 41,723 shares of the company’s stock were exchanged, compared to its average volume of 47,870. Financial Institutions has a fifty-two week low of $25.65 and a fifty-two week high of $35.35. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $484.29, a price-to-earnings ratio of 15.62 and a beta of 1.15.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Monday, January 29th. The bank reported $0.50 earnings per share for the quarter, hitting the consensus estimate of $0.50. Financial Institutions had a return on equity of 9.07% and a net margin of 20.34%. The business had revenue of $38.75 million for the quarter. analysts anticipate that Financial Institutions will post 2.34 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th were issued a dividend of $0.24 per share. This is a boost from Financial Institutions’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Wednesday, March 14th. Financial Institutions’s payout ratio is currently 49.48%.

In other Financial Institutions news, Director Andrew W. Dorn, Jr. acquired 1,557 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average cost of $30.95 per share, for a total transaction of $48,189.15. Following the completion of the acquisition, the director now owns 16,999 shares of the company’s stock, valued at approximately $526,119.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.49% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in FISI. Ramsey Quantitative Systems acquired a new position in shares of Financial Institutions during the fourth quarter valued at about $113,000. SG Americas Securities LLC bought a new stake in Financial Institutions during the third quarter worth about $139,000. Cutler Capital Management LLC bought a new stake in Financial Institutions during the fourth quarter worth about $187,000. MetLife Investment Advisors LLC bought a new stake in Financial Institutions during the fourth quarter worth about $201,000. Finally, UBS Asset Management Americas Inc. bought a new stake in Financial Institutions during the fourth quarter worth about $224,000. 69.75% of the stock is owned by hedge funds and other institutional investors.

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About Financial Institutions

Financial Institutions, Inc operates as the holding company for Five Star Bank that provides banking and financial services to individuals, municipalities, and businesses. It operates in two segments, Banking and Non-Banking. The company offers checking and savings account programs, including money market accounts, certificates of deposit, and sweep investments, as well as individual retirement and other qualified plan accounts.

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