Financial Institutions (FISI) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research cut shares of Financial Institutions (NASDAQ:FISI) from a hold rating to a sell rating in a research report report published on Wednesday.

According to Zacks, “Financial Institution Inc. is a bank holding company. The banks provide a wide range of consumer and commercial banking services and products to individuals, municipalities and small and medium size businesses, including agribusiness. While the banks function as community banks, the company strives to provide their customers with a broad range of competitive services generally provided only by larger, regional banks. “

Separately, BidaskClub downgraded Financial Institutions from a hold rating to a sell rating in a research note on Saturday, September 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $35.33.

Financial Institutions stock opened at $29.28 on Wednesday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.11. The stock has a market cap of $500.04 million, a price-to-earnings ratio of 15.09 and a beta of 0.97. Financial Institutions has a fifty-two week low of $28.76 and a fifty-two week high of $34.35.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings results on Thursday, July 26th. The bank reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.17. The business had revenue of $38.63 million for the quarter, compared to the consensus estimate of $38.30 million. Financial Institutions had a return on equity of 10.49% and a net margin of 23.24%. On average, research analysts forecast that Financial Institutions will post 2.54 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 2nd. Shareholders of record on Thursday, September 13th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Wednesday, September 12th. This represents a $0.96 annualized dividend and a yield of 3.28%. Financial Institutions’s payout ratio is presently 49.48%.

In other news, CEO Martin Kearney Birmingham purchased 1,500 shares of the company’s stock in a transaction on Tuesday, August 21st. The shares were acquired at an average price of $31.95 per share, for a total transaction of $47,925.00. Following the purchase, the chief executive officer now owns 72,596 shares in the company, valued at $2,319,442.20. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Andrew W. Dorn, Jr. bought 900 shares of the stock in a transaction dated Tuesday, July 31st. The stock was bought at an average price of $32.45 per share, for a total transaction of $29,205.00. Following the purchase, the director now directly owns 19,446 shares of the company’s stock, valued at $631,022.70. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 2,900 shares of company stock worth $92,980. Company insiders own 4.34% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. State Board of Administration of Florida Retirement System purchased a new stake in shares of Financial Institutions in the second quarter worth about $210,000. Raymond James & Associates purchased a new stake in shares of Financial Institutions in the second quarter worth about $307,000. LPL Financial LLC purchased a new stake in shares of Financial Institutions in the first quarter worth about $311,000. Putnam Investments LLC purchased a new stake in shares of Financial Institutions in the second quarter worth about $337,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Financial Institutions in the first quarter worth about $422,000. Hedge funds and other institutional investors own 69.94% of the company’s stock.

About Financial Institutions

Financial Institutions, Inc operates as the holding company for Five Star Bank that provides banking and financial services to individuals, municipalities, and businesses. It operates in two segments, Banking and Non-Banking. The company offers checking and savings account programs, including money market accounts, certificates of deposit, and sweep investments, as well as individual retirement and other qualified plan accounts.

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