Financial Institutions (NASDAQ:FISI) Issues Quarterly Earnings Results

Financial Institutions (NASDAQ:FISI) released its earnings results on Thursday. The bank reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.20), Zacks reports. Financial Institutions had a net margin of 13.72% and a return on equity of 11.32%.

Financial Institutions Stock Performance

FISI stock traded down $0.03 on Thursday, reaching $27.16. 120,730 shares of the company were exchanged, compared to its average volume of 130,954. The firm has a market capitalization of $420.17 million, a PE ratio of 8.54 and a beta of 0.91. Financial Institutions has a 12 month low of $16.29 and a 12 month high of $29.34. The stock’s fifty day moving average price is $27.10 and its 200 day moving average price is $25.74. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.86 and a quick ratio of 0.86.

Financial Institutions Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.20 annualized dividend and a yield of 4.42%. Financial Institutions’s payout ratio is 37.74%.

Insider Activity

In other Financial Institutions news, Director Robert N. Latella bought 4,000 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were acquired at an average price of $25.00 per share, with a total value of $100,000.00. Following the completion of the purchase, the director now directly owns 16,000 shares in the company, valued at $400,000. The trade was a 33.33 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.68% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Financial Institutions from $27.00 to $28.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. 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 objective for the company. Finally, StockNews.com cut Financial Institutions from a “buy” rating to a “hold” rating in a research report on Wednesday, December 18th.

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.