Piper Sandler Initiates Coverage on Financial Institutions (NASDAQ:FISI)

Stock analysts at Piper Sandler assumed coverage on shares of Financial Institutions (NASDAQ:FISI) in a research note issued on Friday, Marketbeat reports. The firm set an “overweight” rating and a $33.00 price target on the bank’s stock. Piper Sandler’s price objective points to a potential upside of 21.68% from the stock’s current price.

FISI has been the subject of several other research reports. StockNews.com downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Wednesday. Keefe, Bruyette & Woods lifted their target price on Financial Institutions from $27.00 to $28.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

Financial Institutions Price Performance

Shares of NASDAQ:FISI opened at $27.12 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $419.65 million, a P/E ratio of 8.53 and a beta of 0.92. Financial Institutions has a fifty-two week low of $16.29 and a fifty-two week high of $29.34. The company’s 50-day moving average is $26.51 and its 200 day moving average is $24.05.

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, equities research analysts forecast that Financial Institutions will post 3.66 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Robert N. Latella purchased 4,000 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were purchased at an average price of $25.00 per share, for a total transaction of $100,000.00. Following the completion of the purchase, the director now owns 16,000 shares in the company, valued at approximately $400,000. This represents a 33.33 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 2.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Financial Institutions

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Innealta Capital LLC purchased a new stake in shares of Financial Institutions in the second quarter worth about $25,000. US Bancorp DE lifted its holdings in Financial Institutions by 119.3% in the third quarter. US Bancorp DE now owns 2,572 shares of the bank’s stock valued at $66,000 after acquiring an additional 1,399 shares during the period. SG Americas Securities LLC purchased a new stake in Financial Institutions in the 3rd quarter worth approximately $164,000. CWM LLC grew its stake in shares of Financial Institutions by 50.3% during the 3rd quarter. CWM LLC now owns 8,172 shares of the bank’s stock worth $208,000 after purchasing an additional 2,734 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Financial Institutions by 23.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 10,837 shares of the bank’s stock valued at $209,000 after purchasing an additional 2,026 shares in the last quarter. 60.45% of the stock is currently owned by hedge funds and other 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.