Piper Sandler analyst Frank Schiraldi assumed coverage of Financial Institutions with an Overweight rating and $33 price target The firm assumed four regional banks largely based in Upstate New York, with Financial Institutions (FISI) its favored name. The bank has tended to trade at a discount to its peer group on a forward price-to-earnings basis in part given its sub peer profitability and more limited liquidity, the analyst tells investors in a research note. Piper believes the recent capital raise and balance sheet restructuring should pull forward profitability.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FISI:
- Financial Institutions 4M share Spot Secondary priced at $25.00
- Financial Institutions TBA Spot Secondary; price range $25.00-$25.50
- Financial Institutions announces common stock offering, no amount given
- Financial Institutions files $200M mixed securities shelf
- Financial Institutions Announces Quarterly Dividend Payments