Financial Institutions Inc. (FISI) Given New $27.00 Price Target at Keefe, Bruyette & Woods

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Financial Institutions Inc. (NASDAQ:FISI) had its target price hoisted by equities researchers at Keefe, Bruyette & Woods from $26.00 to $27.00 in a note issued to investors on Thursday. The brokerage presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 0.30% from the company’s previous close.
Shares of Financial Institutions (NASDAQ:FISI) traded up 0.11% during trading on Thursday, reaching $26.92. 44,009 shares of the company traded hands. The stock has a market cap of $389.10 million, a P/E ratio of 13.66 and a beta of 1.08. Financial Institutions has a 12 month low of $24.05 and a 12 month high of $29.53. The stock’s 50 day moving average price is $26.74 and its 200-day moving average price is $27.31.
Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by $0.01. Financial Institutions had a return on equity of 10.28% and a net margin of 20.63%. On average, equities research analysts expect that Financial Institutions will post $1.95 EPS for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Monday, September 12th will be paid a $0.20 dividend. The ex-dividend date is Thursday, September 8th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.97%. Financial Institutions’s dividend payout ratio (DPR) is presently 40.61%.
In related news, Director Andrew W. Dorn, Jr. purchased 1,000 shares of the stock in a transaction dated Friday, July 29th. The stock was bought at an average cost of $27.11 per share, with a total value of $27,110.00. Following the purchase, the director now directly owns 12,205 shares in the company, valued at approximately $330,877.55. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO William L. Kreienberg purchased 3,000 shares of the stock in a transaction dated Wednesday, August 17th. The stock was bought at an average cost of $26.43 per share, with a total value of $79,290.00. Following the completion of the purchase, the chief accounting officer now owns 4,485 shares in the company, valued at $118,538.55. The disclosure for this purchase can be found here. 6.23% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in FISI. Bailard Inc. bought a new stake in shares of Financial Institutions during the fourth quarter worth approximately $1,201,000. Nationwide Fund Advisors boosted its stake in shares of Financial Institutions by 21.6% in the fourth quarter. Nationwide Fund Advisors now owns 67,101 shares of the company’s stock worth $1,879,000 after buying an additional 11,900 shares during the period. Calvert Investment Management Inc. bought a new stake in shares of Financial Institutions during the fourth quarter worth approximately $2,050,000. Schwab Charles Investment Management Inc. boosted its stake in shares of Financial Institutions by 17.7% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 42,818 shares of the company’s stock worth $1,199,000 after buying an additional 6,425 shares during the period. Finally, LSV Asset Management boosted its stake in shares of Financial Institutions by 5.4% in the second quarter. LSV Asset Management now owns 342,760 shares of the company’s stock worth $8,935,000 after buying an additional 17,483 shares during the period. 59.30% of the stock is owned by institutional investors.
About Financial Institutions
Financial Institutions, Inc (FII) is a financial holding company. The Company conducts its business through its subsidiaries: Five Star Bank (the Bank), a New York chartered bank, and Scott Danahy Naylon, LLC (SDN), a full service insurance agency. The Company offers an array of deposit, lending, insurance services and other financial services to individuals, municipalities and businesses in Western and Central New York through the Bank.

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