Financial Institutions, Inc. $FISI Shares Acquired by PL Capital Advisors LLC

PL Capital Advisors LLC grew its holdings in Financial Institutions, Inc. (NASDAQ:FISI) by 1.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,802,791 shares of the bank’s stock after buying an additional 27,905 shares during the period. Financial Institutions accounts for about 17.7% of PL Capital Advisors LLC’s holdings, making the stock its 2nd biggest holding. PL Capital Advisors LLC owned 8.96% of Financial Institutions worth $56,193,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FISI. AQR Capital Management LLC raised its position in shares of Financial Institutions by 12.2% in the first quarter. AQR Capital Management LLC now owns 97,206 shares of the bank’s stock valued at $2,426,000 after buying an additional 10,590 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Financial Institutions by 30.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank’s stock valued at $283,000 after buying an additional 2,617 shares during the last quarter. Empowered Funds LLC raised its position in shares of Financial Institutions by 7.1% in the first quarter. Empowered Funds LLC now owns 74,841 shares of the bank’s stock valued at $1,868,000 after buying an additional 4,979 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Financial Institutions in the first quarter valued at about $375,000. Finally, Creative Planning raised its position in shares of Financial Institutions by 28.7% in the second quarter. Creative Planning now owns 17,072 shares of the bank’s stock valued at $438,000 after buying an additional 3,809 shares during the last quarter. 60.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Weiss Ratings upgraded shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research report on Thursday, March 12th. Piper Sandler reissued a “neutral” rating and issued a $36.00 price objective (up from $34.00) on shares of Financial Institutions in a report on Monday, February 2nd. Keefe, Bruyette & Woods upped their price objective on shares of Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, February 2nd. Finally, Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Financial Institutions currently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Financial Institutions Trading Down 0.8%

Shares of FISI stock opened at $35.93 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $707.46 million, a PE ratio of 9.36 and a beta of 0.63. The company has a 50-day moving average of $33.63 and a two-hundred day moving average of $32.42. Financial Institutions, Inc. has a 1-year low of $24.41 and a 1-year high of $36.53.

Financial Institutions (NASDAQ:FISI) last announced its earnings results on Thursday, April 23rd. The bank reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.12. The company had revenue of $62.67 million during the quarter, compared to analyst estimates of $62.76 million. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. On average, analysts predict that Financial Institutions, Inc. will post 3.96 EPS for the current year.

Financial Institutions Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, June 12th. Financial Institutions’s dividend payout ratio is currently 33.33%.

Financial Institutions Profile

Financial Institutions, Inc (NASDAQ: FISI) is a non-diversified, closed-end management investment company that seeks to provide tax-advantaged income to shareholders. The company invests primarily in investment-grade municipal obligations issued by states, municipalities and government agencies across the United States. By focusing on high-credit-quality bonds, Financial Institutions aims to deliver current income that is exempt from federal income tax.

In constructing its portfolio, the company may also utilize money market instruments and repurchase agreements to manage liquidity and facilitate efficient settlement.