Financial Institutions (NASDAQ:FISI) Downgraded to “Hold” at BidaskClub

BidaskClub lowered shares of Financial Institutions (NASDAQ:FISI) from a buy rating to a hold rating in a report issued on Friday morning, BidAskClub reports.

Several other research firms have also issued reports on FISI. Zacks Investment Research raised shares of Financial Institutions from a hold rating to a buy rating and set a $33.00 price target on the stock in a report on Monday, August 12th. ValuEngine raised shares of Financial Institutions from a sell rating to a hold rating in a report on Wednesday, July 31st.

NASDAQ FISI traded up $0.83 on Friday, hitting $29.61. The stock had a trading volume of 52,400 shares, compared to its average volume of 44,058. The business’s fifty day moving average price is $28.85 and its 200 day moving average price is $28.35. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.85 and a quick ratio of 0.85. Financial Institutions has a 52-week low of $24.49 and a 52-week high of $33.35. The stock has a market cap of $460.81 million, a price-to-earnings ratio of 10.83 and a beta of 0.87.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings results on Monday, July 29th. The bank reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.03. Financial Institutions had a net margin of 20.30% and a return on equity of 11.32%. The business had revenue of $41.70 million for the quarter, compared to analyst estimates of $41.30 million. As a group, sell-side analysts anticipate that Financial Institutions will post 2.76 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its holdings in shares of Financial Institutions by 19.8% during the fourth quarter. Bank of America Corp DE now owns 41,947 shares of the bank’s stock valued at $1,078,000 after buying an additional 6,932 shares during the last quarter. Metropolitan Life Insurance Co. NY grew its holdings in shares of Financial Institutions by 292.3% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,570 shares of the bank’s stock valued at $143,000 after buying an additional 4,150 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Financial Institutions by 7.4% during the fourth quarter. Geode Capital Management LLC now owns 193,025 shares of the bank’s stock valued at $4,960,000 after buying an additional 13,255 shares during the last quarter. Royce & Associates LP grew its holdings in shares of Financial Institutions by 28.0% during the first quarter. Royce & Associates LP now owns 486,725 shares of the bank’s stock valued at $13,229,000 after buying an additional 106,558 shares during the last quarter. Finally, Menta Capital LLC grew its holdings in shares of Financial Institutions by 22.6% during the first quarter. Menta Capital LLC now owns 19,895 shares of the bank’s stock valued at $541,000 after buying an additional 3,665 shares during the last quarter. 71.12% of the stock is currently owned by institutional investors and hedge funds.

Financial Institutions Company Profile

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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