Hillsdale Investment Management Inc. Purchases Shares of 233,080 Financial Institutions, Inc. $FISI

Hillsdale Investment Management Inc. acquired a new position in Financial Institutions, Inc. (NASDAQ:FISI) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 233,080 shares of the bank’s stock, valued at approximately $7,391,000.

Other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of Financial Institutions by 42.4% in the fourth quarter. Wellington Management Group LLP now owns 1,049,295 shares of the bank’s stock valued at $32,707,000 after purchasing an additional 312,470 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Financial Institutions by 19.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 972,043 shares of the bank’s stock worth $30,299,000 after buying an additional 160,825 shares in the last quarter. Millennium Management LLC increased its holdings in Financial Institutions by 102.9% in the 3rd quarter. Millennium Management LLC now owns 184,618 shares of the bank’s stock valued at $5,022,000 after buying an additional 93,626 shares during the period. Two Sigma Investments LP increased its holdings in Financial Institutions by 99.9% in the 3rd quarter. Two Sigma Investments LP now owns 175,427 shares of the bank’s stock valued at $4,772,000 after buying an additional 87,653 shares during the period. Finally, Vanguard Group Inc. increased its holdings in Financial Institutions by 3.8% in the 3rd quarter. Vanguard Group Inc. now owns 1,095,428 shares of the bank’s stock valued at $29,796,000 after buying an additional 40,240 shares during the period. Institutional investors and hedge funds own 60.45% of the company’s stock.

Financial Institutions Stock Performance

Shares of NASDAQ:FISI opened at $38.75 on Tuesday. The business’s fifty day moving average price is $36.86 and its two-hundred day moving average price is $34.07. Financial Institutions, Inc. has a fifty-two week low of $24.62 and a fifty-two week high of $40.26. The stock has a market capitalization of $762.99 million, a price-to-earnings ratio of 10.09 and a beta of 0.63. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86.

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

Financial Institutions Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Friday, June 12th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Friday, June 12th. Financial Institutions’s dividend payout ratio (DPR) is currently 33.33%.

Analyst Upgrades and Downgrades

FISI has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings reissued a “buy (b)” rating on shares of Financial Institutions in a research note on Monday, July 6th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

About Financial Institutions

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.