Financial Institutions downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Financial Institutions to Neutral from Overweight with a price target of $19, down from $23. The company earlier this month disclosed that it has been the victim of a check-kiting scheme which has resulted in a potential loss of up to $14.1M, or 91c of earnings per share, the analyst tells investors in a research note. The firm says that while Financial Institutions has sufficient capital and capital generating earnings power to manage through this incident, it will take some time for investors to regain confidence.