Financial Institutions (NASDAQ:FISI) Downgraded by StockNews.com to “Hold”

Financial Institutions (NASDAQ:FISI) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

Separately, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $25.00 price objective (up from $20.00) on shares of Financial Institutions in a report on Monday, July 29th.

Financial Institutions Stock Down 1.2 %

NASDAQ:FISI traded down $0.30 on Wednesday, hitting $24.40. The stock had a trading volume of 21,796 shares, compared to its average volume of 52,102. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $376.91 million, a P/E ratio of 9.72 and a beta of 0.89. Financial Institutions has a 1 year low of $15.22 and a 1 year high of $27.75. The firm’s fifty day simple moving average is $24.95 and its two-hundred day simple moving average is $20.68.

Financial Institutions (NASDAQ:FISI) last released its earnings results on Thursday, July 25th. The bank reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.92. Financial Institutions had a net margin of 13.95% and a return on equity of 12.06%. The firm had revenue of $102.80 million during the quarter. During the same period in the prior year, the company earned $0.91 earnings per share. Analysts predict that Financial Institutions will post 3.64 earnings per share for the current year.

Institutional Trading of Financial Institutions

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Financial Institutions by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 784,928 shares of the bank’s stock worth $14,772,000 after purchasing an additional 16,462 shares in the last quarter. PL Capital Advisors LLC lifted its stake in Financial Institutions by 15.8% in the 2nd quarter. PL Capital Advisors LLC now owns 348,751 shares of the bank’s stock worth $6,738,000 after purchasing an additional 47,470 shares in the last quarter. Courier Capital LLC lifted its stake in Financial Institutions by 1.0% in the 2nd quarter. Courier Capital LLC now owns 342,175 shares of the bank’s stock worth $6,611,000 after purchasing an additional 3,489 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Financial Institutions by 9.0% in the 2nd quarter. Renaissance Technologies LLC now owns 332,500 shares of the bank’s stock worth $6,424,000 after purchasing an additional 27,400 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its stake in Financial Institutions by 8.7% in the 2nd quarter. Acadian Asset Management LLC now owns 324,263 shares of the bank’s stock worth $6,263,000 after purchasing an additional 25,865 shares in the last quarter. 60.45% of the stock is currently owned by hedge funds and other institutional investors.

About Financial Institutions

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.