Financial Institutions (NASDAQ:FISI) Shares Gap Up - What's Next?

Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $25.98, but opened at $26.60. Financial Institutions shares last traded at $26.22, with a volume of 10,776 shares changing hands.

Analyst Ratings Changes

FISI has been the subject of several analyst reports. Keefe, Bruyette & Woods upgraded Financial Institutions from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $29.00 to $34.00 in a research note on Monday, February 3rd. Stephens reaffirmed an "equal weight" rating and set a $32.00 price objective on shares of Financial Institutions in a research report on Tuesday, March 11th. StockNews.com raised shares of Financial Institutions from a "sell" rating to a "hold" rating in a report on Tuesday, February 11th. Finally, Piper Sandler started coverage on shares of Financial Institutions in a report on Friday, December 20th. They set an "overweight" rating and a $33.00 price target on the stock.

Financial Institutions Price Performance

The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The company has a market cap of $525.24 million, a P/E ratio of -18.04 and a beta of 0.86. The firm has a 50 day moving average of $27.28 and a 200-day moving average of $26.56.

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Financial Institutions (NASDAQ:FISI - Get Free Report) last released its earnings results on Thursday, January 30th. The bank reported $0.54 EPS 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%. On average, equities research analysts predict that Financial Institutions, Inc. will post 3.3 EPS for the current year.

Financial Institutions Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Friday, March 14th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 4.74%. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Financial Institutions's previous quarterly dividend of $0.30. Financial Institutions's dividend payout ratio is -85.52%.

Hedge Funds Weigh In On Financial Institutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. R Squared Ltd purchased a new stake in shares of Financial Institutions during the 4th quarter worth approximately $30,000. Picton Mahoney Asset Management increased its position in Financial Institutions by 45.5% in the fourth quarter. Picton Mahoney Asset Management now owns 1,196 shares of the bank's stock worth $32,000 after purchasing an additional 374 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in Financial Institutions during the fourth quarter valued at $87,000. SG Americas Securities LLC raised its stake in 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 in the last quarter. Finally, Stonebrook Private Inc. bought a new position in Financial Institutions during the third quarter valued at $218,000. 60.45% of the stock is owned by institutional investors.

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.