Financial Institutions (NASDAQ:FISI) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of Financial Institutions (NASDAQ:FISI) from a hold rating to a sell rating in a report released on Monday morning.

Other equities research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods raised shares of Financial Institutions from a “market perform” rating to an “outperform” rating and upped their price target for the company from $29.00 to $34.00 in a research note on Monday. Stephens restated an “equal weight” rating and set a $33.00 target price on shares of Financial Institutions in a research report on Friday, January 31st. Finally, Piper Sandler initiated coverage on shares of Financial Institutions in a report on Friday, December 20th. They issued an “overweight” rating and a $33.00 price target for the company.

Financial Institutions Trading Up 0.9 %

Shares of FISI stock opened at $27.88 on Monday. 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 stock has a market capitalization of $431.42 million, a price-to-earnings ratio of -19.23 and a beta of 0.90. Financial Institutions has a 12-month low of $16.29 and a 12-month high of $29.34. The stock’s 50-day moving average price is $27.06 and its 200-day moving average price is $25.91.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings data on Thursday, January 30th. The bank reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. Equities research analysts predict that Financial Institutions will post 3.39 EPS for the current fiscal year.

Financial Institutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given a $0.30 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 4.30%. Financial Institutions’s dividend payout ratio is presently -82.76%.

Insider Buying and Selling at Financial Institutions

In other news, Director Robert N. Latella bought 4,000 shares of the stock in a transaction dated Friday, December 13th. The stock was purchased at an average price of $25.00 per share, for a total transaction of $100,000.00. Following the acquisition, the director now owns 16,000 shares of the company’s stock, valued at $400,000. The trade was a 33.33 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.68% of the company’s stock.

Institutional Trading of Financial Institutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FISI. Bank of Montreal Can purchased a new position in shares of Financial Institutions during the second quarter valued at approximately $466,000. AQR Capital Management LLC lifted its stake in shares of 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 acquiring an additional 37,653 shares during the last quarter. SG Americas Securities LLC purchased a new position in Financial Institutions during the 3rd quarter valued at $164,000. CWM LLC grew its position in Financial Institutions by 50.3% in the 3rd quarter. CWM LLC now owns 8,172 shares of the bank’s stock valued at $208,000 after acquiring an additional 2,734 shares during the last quarter. Finally, Courier Capital LLC increased its stake in Financial Institutions by 2.4% in the third quarter. Courier Capital LLC now owns 350,239 shares of the bank’s stock worth $8,921,000 after purchasing an additional 8,064 shares during the period. 60.45% of the stock is 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.