Financial Institutions assumed with an Overweight at Piper Sandler

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.