Zacks Investment Research upgraded shares of Financial Institutions (NASDAQ:FISI) from a sell rating to a hold rating in a report issued on Tuesday morning.
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. “
FISI has been the subject of several other reports. BidaskClub cut Financial Institutions from a sell rating to a strong sell rating in a research report on Friday, October 19th. ValuEngine cut Financial Institutions from a hold rating to a sell rating in a research report on Thursday, October 18th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. Financial Institutions currently has an average rating of Hold and a consensus target price of $35.33.
Financial Institutions (NASDAQ:FISI) last issued its quarterly earnings results on Thursday, October 25th. The bank reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. Financial Institutions had a return on equity of 11.00% and a net margin of 23.61%. The firm had revenue of $40.72 million during the quarter, compared to analysts’ expectations of $39.20 million. As a group, equities research analysts anticipate that Financial Institutions will post 2.57 EPS for the current year.
In other Financial Institutions news, CEO Martin Kearney Birmingham acquired 2,000 shares of the company’s stock in a transaction on Tuesday, October 30th. The shares were purchased at an average price of $28.44 per share, for a total transaction of $56,880.00. Following the completion of the purchase, the chief executive officer now directly owns 74,596 shares of the company’s stock, valued at $2,121,510.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders acquired 3,845 shares of company stock worth $114,655 in the last 90 days. Corporate insiders own 4.34% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. raised its position in Financial Institutions by 60.2% during the 3rd quarter. Bessemer Group Inc. now owns 21,300 shares of the bank’s stock worth $669,000 after purchasing an additional 8,000 shares during the last quarter. Virginia Retirement Systems ET AL bought a new position in Financial Institutions during the 3rd quarter worth $405,000. Engineers Gate Manager LP bought a new position in Financial Institutions during the 3rd quarter worth $227,000. Assenagon Asset Management S.A. bought a new position in Financial Institutions during the 3rd quarter worth $3,462,000. Finally, First Trust Advisors LP raised its position in Financial Institutions by 19.2% during the 3rd quarter. First Trust Advisors LP now owns 47,225 shares of the bank’s stock worth $1,483,000 after purchasing an additional 7,621 shares during the last quarter. Hedge funds and other institutional investors own 70.75% of the company’s stock.
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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