Financial Institutions (NASDAQ:FISI) Now Covered by Piper Sandler

Stock analysts at Piper Sandler initiated coverage on shares of Financial Institutions (NASDAQ:FISI) in a note issued to investors on Friday, Marketbeat.com reports. The firm set an “overweight” rating and a $33.00 price target on the bank’s stock. Piper Sandler’s target price would suggest a potential upside of 21.68% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. StockNews.com lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a report on Wednesday. Keefe, Bruyette & Woods lifted their price target on Financial Institutions from $27.00 to $28.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

Financial Institutions Price Performance

Financial Institutions stock opened at $27.12 on Friday. The company’s 50 day simple moving average is $26.51 and its 200-day simple moving average is $24.05. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86. Financial Institutions has a 1 year low of $16.29 and a 1 year high of $29.34. The company has a market capitalization of $419.65 million, a price-to-earnings ratio of 8.53 and a beta of 0.92.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.08. Financial Institutions had a net margin of 13.72% and a return on equity of 11.32%. The firm had revenue of $50.12 million during the quarter. During the same quarter last year, the firm posted $0.88 EPS. As a group, equities research analysts expect that Financial Institutions will post 3.66 earnings per share for the current year.

Insider Activity at Financial Institutions

In other Financial Institutions news, Director Robert N. Latella acquired 4,000 shares of the stock in a transaction on Friday, December 13th. The shares were bought at an average price of $25.00 per share, with a total value of $100,000.00. Following the acquisition, the director now owns 16,000 shares of the company’s stock, valued at $400,000. This trade represents a 33.33 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.68% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FISI. Barclays PLC grew its holdings in Financial Institutions by 48.4% in the 3rd quarter. Barclays PLC now owns 44,798 shares of the bank’s stock valued at $1,141,000 after buying an additional 14,606 shares during the period. Geode Capital Management LLC boosted its position in shares of Financial Institutions by 2.0% in the third quarter. Geode Capital Management LLC now owns 354,685 shares of the bank’s stock worth $9,036,000 after acquiring an additional 7,045 shares during the last quarter. XTX Topco Ltd purchased a new stake in Financial Institutions in the third quarter valued at approximately $224,000. Zacks Investment Management acquired a new position in Financial Institutions during the third quarter worth approximately $4,706,000. Finally, State Street Corp raised its stake in Financial Institutions by 6.5% during the third quarter. State Street Corp now owns 283,707 shares of the bank’s stock worth $7,309,000 after purchasing an additional 17,395 shares during the period. 60.45% of the stock is owned by hedge funds and other institutional investors.

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.