Piper Sandler started coverage on shares of Financial Institutions (NASDAQ:FISI – Free Report) in a report published on Friday, MarketBeat reports. The firm issued an overweight rating and a $33.00 price target on the bank’s stock.
Several other equities analysts also recently weighed in on the stock. StockNews.com downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Wednesday. Keefe, Bruyette & Woods raised 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.
Read Our Latest Stock Report on Financial Institutions
Financial Institutions Price Performance
Financial Institutions (NASDAQ:FISI – Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The bank reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.08. Financial Institutions had a return on equity of 11.32% and a net margin of 13.72%. The company had revenue of $50.12 million during the quarter. During the same quarter in the previous year, the company posted $0.88 EPS. Sell-side analysts forecast that Financial Institutions will post 3.66 EPS for the current year.
Financial Institutions Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date is Friday, December 13th. Financial Institutions’s payout ratio is presently 37.74%.
Insider Activity
In other news, Director Robert N. Latella purchased 4,000 shares of the business’s stock in a transaction on Friday, December 13th. The stock was purchased at an average cost of $25.00 per share, with a total value of $100,000.00. Following the acquisition, the director now directly owns 16,000 shares in the company, valued at approximately $400,000. This trade represents a 33.33 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.68% of the company’s stock.
Institutional Investors Weigh In On Financial Institutions
Institutional investors and hedge funds have recently made changes to their positions in the business. Los Angeles Capital Management LLC purchased a new position in Financial Institutions during the third quarter worth about $513,000. Zacks Investment Management purchased a new position in shares of Financial Institutions during the third quarter worth about $4,706,000. Segall Bryant & Hamill LLC bought a new position in shares of Financial Institutions in the third quarter worth approximately $1,364,000. AQR Capital Management LLC increased its position in shares of Financial Institutions by 147.3% in the second quarter. AQR Capital Management LLC now owns 63,213 shares of the bank’s stock worth $1,221,000 after purchasing an additional 37,653 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in Financial Institutions by 8.7% in the second quarter. Acadian Asset Management LLC now owns 324,263 shares of the bank’s stock valued at $6,263,000 after purchasing an additional 25,865 shares in the last quarter. Hedge funds and other institutional investors own 60.45% of the company’s stock.
Financial Institutions Company Profile
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.
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