Financial Institutions (NASDAQ:FISI) Coverage Initiated by Analysts at Piper Sandler

Piper Sandler assumed coverage on shares of Financial Institutions (NASDAQ:FISI) in a report released on Friday,Briefing.com Automated Import reports. The brokerage set an “overweight” rating and a $33.00 price target on the bank’s stock. Piper Sandler’s target price indicates a potential upside of 23.83% from the company’s current price.

Several other brokerages have also recently weighed in on FISI. StockNews.com cut Financial Institutions from a “buy” rating to a “hold” rating in a report on Wednesday. Keefe, Bruyette & Woods lifted their target price on shares of Financial Institutions from $27.00 to $28.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

Financial Institutions Stock Down 1.5 %

Shares of FISI opened at $26.65 on Friday. The firm has a market cap of $412.38 million, a P/E ratio of 8.38 and a beta of 0.92. Financial Institutions has a 1 year low of $16.29 and a 1 year high of $29.34. The stock has a 50 day simple moving average of $26.48 and a two-hundred day simple moving average of $23.94. 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 (NASDAQ:FISI) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $0.84 earnings per share (EPS) 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 company had revenue of $50.12 million during the quarter. During the same period last year, the company posted $0.88 EPS. On average, analysts forecast that Financial Institutions will post 3.66 earnings per share for the current fiscal year.

Insider Transactions at Financial Institutions

In related news, Director Robert N. Latella purchased 4,000 shares of Financial Institutions stock in a transaction that occurred on Friday, December 13th. The shares were bought at an average price of $25.00 per share, for a total transaction of $100,000.00. Following the completion of the transaction, the director now directly owns 16,000 shares of the company’s stock, valued at $400,000. This represents 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. Corporate insiders own 2.68% of the company’s stock.

Institutional Trading of Financial Institutions

Large investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Financial Institutions by 11.0% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 12,276 shares of the bank’s stock valued at $237,000 after purchasing an additional 1,216 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Financial Institutions by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 155,257 shares of the bank’s stock valued at $3,000,000 after buying an additional 2,653 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Financial Institutions by 23.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 10,837 shares of the bank’s stock worth $209,000 after buying an additional 2,026 shares during the period. Innealta Capital LLC bought a new position in shares of Financial Institutions in the 2nd quarter worth about $25,000. Finally, Victory Capital Management Inc. increased its stake in shares of Financial Institutions by 25.0% during the second quarter. Victory Capital Management Inc. now owns 37,500 shares of the bank’s stock valued at $724,000 after purchasing an additional 7,500 shares in the last quarter. 60.45% of the stock is owned by 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.