Financial Institutions (NASDAQ:FISI) Downgraded by StockNews.com

StockNews.com cut shares of Financial Institutions (NASDAQ:FISI) from a buy rating to a hold rating in a research report released on Friday.

Separately, Keefe, Bruyette & Woods reiterated a market perform rating and issued a $25.00 price target (up from $20.00) on shares of Financial Institutions in a report on Monday, July 29th.

Financial Institutions Trading Up 2.8 %

FISI opened at $25.57 on Friday. The stock’s fifty day moving average is $23.92 and its two-hundred day moving average is $20.09. The company has a market capitalization of $395.06 million, a P/E ratio of 10.19 and a beta of 0.89. Financial Institutions has a 52 week low of $15.22 and a 52 week high of $27.75. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.28.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings data on Thursday, July 25th. The bank reported $1.62 EPS for the quarter, topping the consensus estimate of $0.70 by $0.92. Financial Institutions had a return on equity of 12.06% and a net margin of 13.95%. The company had revenue of $102.80 million for the quarter. During the same quarter in the previous year, the business earned $0.91 earnings per share. Analysts forecast that Financial Institutions will post 3.64 earnings per share for the current year.

Financial Institutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Friday, September 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.69%. Financial Institutions’s dividend payout ratio is presently 47.81%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FISI. Courier Capital LLC grew its stake in Financial Institutions by 55.8% during the 1st quarter. Courier Capital LLC now owns 338,686 shares of the bank’s stock worth $6,374,000 after buying an additional 121,233 shares during the last quarter. PL Capital Advisors LLC grew its stake in Financial Institutions by 59.6% during the 1st quarter. PL Capital Advisors LLC now owns 301,281 shares of the bank’s stock worth $5,670,000 after buying an additional 112,481 shares during the last quarter. Acadian Asset Management LLC grew its stake in Financial Institutions by 27.7% during the 1st quarter. Acadian Asset Management LLC now owns 298,398 shares of the bank’s stock worth $5,615,000 after buying an additional 64,680 shares during the last quarter. AQR Capital Management LLC grew its stake in Financial Institutions by 147.3% during the 2nd quarter. AQR Capital Management LLC now owns 63,213 shares of the bank’s stock worth $1,221,000 after buying an additional 37,653 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Financial Institutions by 9.0% during the 2nd quarter. Renaissance Technologies LLC now owns 332,500 shares of the bank’s stock worth $6,424,000 after acquiring an additional 27,400 shares during the period. 60.45% of the stock is currently owned by hedge funds and other 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.