Stephens Reiterates "Equal Weight" Rating for Financial Institutions (NASDAQ:FISI)

Stephens reaffirmed their equal weight rating on shares of Financial Institutions (NASDAQ:FISI - Free Report) in a research note published on Friday,Benzinga reports. Stephens currently has a $33.00 target price on the bank's stock.

Several other research analysts have also commented on FISI. Piper Sandler began coverage on Financial Institutions in a research report on Friday, December 20th. They issued an "overweight" rating and a $33.00 target price for the company. Keefe, Bruyette & Woods lifted their price objective on shares of Financial Institutions from $27.00 to $28.00 and gave the stock a "market perform" rating in a report on Wednesday, December 4th. Finally, StockNews.com cut shares of Financial Institutions from a "buy" rating to a "hold" rating in a report on Wednesday, December 18th.

Financial Institutions Trading Up 3.4 %

NASDAQ FISI traded up $0.91 during trading hours on Friday, hitting $27.63. 202,920 shares of the company's stock were exchanged, compared to its average volume of 151,589. Financial Institutions has a 12-month low of $16.29 and a 12-month high of $29.34. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market capitalization of $427.44 million, a P/E ratio of -19.06 and a beta of 0.90. The business's 50 day moving average is $27.07 and its 200-day moving average is $25.83.

Financial Institutions (NASDAQ:FISI - Get Free Report) last released its earnings results on Thursday, January 30th. The bank reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.20). Financial Institutions had a positive return on equity of 11.12% and a negative net margin of 6.69%. As a group, analysts anticipate that Financial Institutions will post 3.39 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 4.34%. The ex-dividend date was Friday, December 13th. Financial Institutions's dividend payout ratio is presently -82.76%.

Insider Activity

In other Financial Institutions news, Director Robert N. Latella purchased 4,000 shares of the stock in a transaction dated Friday, December 13th. The shares were bought at an average cost of $25.00 per share, with a total value of $100,000.00. Following the completion of the acquisition, the director now owns 16,000 shares of the company's stock, valued at approximately $400,000. This trade represents a 33.33 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.68% of the company's stock.

Hedge Funds Weigh In On Financial Institutions

Several hedge funds have recently made changes to their positions in FISI. Charles Schwab Investment Management Inc. boosted its stake in shares of Financial Institutions by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 124,428 shares of the bank's stock worth $3,169,000 after acquiring an additional 417 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Financial Institutions by 14.9% during the fourth quarter. SG Americas Securities LLC now owns 7,418 shares of the bank's stock valued at $202,000 after purchasing an additional 964 shares during the last quarter. R Squared Ltd acquired a new position in shares of Financial Institutions in the 4th quarter valued at $30,000. Jacobs Levy Equity Management Inc. increased its stake in Financial Institutions by 1.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 59,725 shares of the bank's stock worth $1,521,000 after purchasing an additional 1,137 shares in the last quarter. Finally, US Bancorp DE raised its holdings in Financial Institutions by 119.3% during the 3rd quarter. US Bancorp DE now owns 2,572 shares of the bank's stock worth $66,000 after buying an additional 1,399 shares during the period. Institutional investors and hedge funds own 60.45% of the company's stock.

About Financial Institutions

Financial Institutions, Inc operates as a holding company for the Five Star Bank, a chartered bank that provides banking and financial services to individuals, municipalities, and businesses in New York. The company provides checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts, as well as NOW accounts.