# Financial Institutions, Inc. (FISI)

> Source: Nexqual · https://nexqual.com/FISI · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Financial Institutions, Inc. (FISI), nexqual.com/FISI" · informational, not investment advice.

**Price:** USD 40.77 (-0.07% on the day) · last close of Oct 28, 2026; US market after hours, not a live price. Prev close 40.8 · day 40.25–41.05 · 52w 28–42.97 · market cap $803M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $255M, net income $82.6M (32.4% margin) (SEC filings).
- Valuation: P/E 9.7x (avg 7.5x at the last 2 fiscal year-ends).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $25K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (2 analysts), mean target USD 45 (range 45–45).
- Total return with dividends: 1Y +46.2% vs S&P 500 +13.6%; 5Y +63.1% vs S&P 500 +79.8%.
- Next earnings: 2026-10-29, EPS estimate USD 1.05, revenue estimate $66.6M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $202M | $214M | $214M | $117M | $245M | $255M |
| Net income | $77.7M | $56.6M | $50.3M | -$41.6M | $74.9M | $82.6M |
| EPS (diluted) | $4.78 | $3.56 | $3.15 | -$2.75 | $3.61 | — |
| Free cash flow | $63.6M | $125M | $7.9M | $72.2M | $13.3M | $56.2M |
| Net margin | 38.5% | 26.5% | 23.5% | -35.6% | 30.6% | 32.4% |
| Revenue growth | +10.7% | +6.0% | +0.1% | -45.4% | +109.5% | — |
| Cash + short-term investments | — | — | $124M | $87.3M | $109M | — |
| Total debt | $104M | $279M | $310M | $224M | $303M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.7x · P/S 3.1x · P/FCF 14.3x · P/B 1.3x · FCF yield 7.00% · Earnings yield 10.28% · Dividend yield (paid, TTM) 3.11% · Buyback yield (TTM) 2.13%
P/E at fiscal year-ends: Dec 2025 8.5x, Dec 2023 6.6x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $25K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-02 | Zupan Mark | Director | 608 | $25K | 40.77 | Too little history (no open-market trades in 2023 or 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 2 analysts; mean target USD 45 (low 45, high 45).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-03 | Piper Sandler | Target raised | Neutral | $38 → $45 |
| 2026-07-27 | Keefe, Bruyette & Woods | Target raised | Outperform | $42 → $45 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +46.2% | +63.1% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +46.4% | +10.3% |
| Volatility (annualized) | 22.8% | 29.6% |
| Max drawdown | -13.7% (Feb 2026→Mar 2026) | -49.5% (Jan 2022→Jun 2023) |

## Peers (Banks - Regional)
FITB (Fifth Third Bancorp) USD 53.47 -0.22% · TFC (Truist Financial Corporation) USD 48.42 -0.25% · NU (Nu Holdings Ltd.) USD 11.97 -3.47% · DB (Deutsche Bank AG) USD 33.51 +4.33% · NWG (NatWest Group plc) USD 17.23 +2.13% · LYG (Lloyds Banking Group Plc) USD 5.5 +1.85%

## More
Full page: https://nexqual.com/FISI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-07-23)

- "The provision for credit losses on unfunded commitments, which is included in the provision for credit losses as required by the current expected credit loss standard ("CECL"), totaled a credit of $1.0 million in the second quarter of 2026, compared to a credit of $116 thousand in the first quarter of 2026 and a provision of $185 thousand in the second quarter of 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.05 | $1.01 | +3.4% | $66.6M | 2 |
| Next quarter (ends 2026-12-31) | $1.06 | $1.03 | +2.9% | $67.3M | 2 |
| Current fiscal year (ends 2026-12-31) | $4.19 | $4.01 | +4.4% | $260.9M | 2 |
| Next fiscal year (ends 2027-12-31) | $4.30 | $4.20 | +2.4% | $273.0M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-10-29): ±13.2%; last 8 reports averaged ±4.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 51 | 38.1% | ±13.2% |
| 2027-03-19 | 142 | 28.2% | ±14.1% |
| 2027-06-17 | 232 | 26.0% | ±16.3% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Jul 23, 2026 | Quarter ended Jun 30, 2026 | $1.04 | $0.93 | Beat +11.8% | +4.4% |
| Apr 23, 2026 | Quarter ended Mar 31, 2026 | $1.04 | $0.92 | Beat +13.0% | -1.3% |
| Jan 29, 2026 | Quarter ended Dec 31, 2025 | $0.96 | $0.95 | Beat +1.1% | +3.0% |
| Oct 23, 2025 | Quarter ended Sep 30, 2025 | $0.99 | $0.88 | Beat +12.5% | +8.7% |
| Jul 24, 2025 | — | — | — | — | -4.1% |
| Apr 28, 2025 | — | — | — | — | +6.7% |
| Jan 30, 2025 | — | — | — | — | -3.0% |
| Oct 24, 2024 | — | — | — | — | -6.2% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-08 | 8-K | Director or executive officer change, or pay arrangement — “On September 1, 2026, Bruce W. Harting, a member of the Board of Directors (the "Board") of Financial Institutions, Inc. (the "Company") and the Board of Directors of the Company's wholly-owned subsidiary, Five Star Bank, informed the Board of his decision to retire from both boards, effective immediately. Mr. Harting's decision to retire reflects his intent to pursue outside interests, and it did not result from any disagreement with the Company, the Board, management, or any matter relating to the Company's…” | https://www.sec.gov/Archives/edgar/data/862831/000119312526385193/0001193125-26-385193-index.htm |
| 2026-08-26 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/862831/000119312526368299/0001193125-26-368299-index.htm |
| 2026-08-03 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/862831/000119312526330542/0001193125-26-330542-index.htm |
| 2026-07-28 | Schedule 13G/A | BlackRock, Inc.: 8.3% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/862831/000201238326002563/0002012383-26-002563-index.htm |
| 2026-07-23 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/862831/000119312526314084/0001193125-26-314084-index.htm |
| 2026-07-14 | Schedule 13G | Dimensional Fund Advisors LP: 5.1% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/862831/000035420426000827/0000354204-26-000827-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.