Man Group plc Takes $1.46 Million Position in Financial Institutions, Inc. $FISI

Man Group plc acquired a new position in Financial Institutions, Inc. (NASDAQ:FISI) during the second quarter, Holdings Channel.com reports. The firm acquired 37,570 shares of the bank’s stock, valued at approximately $1,464,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FISI. Royal Bank of Canada grew its stake in shares of Financial Institutions by 31.6% during the first quarter. Royal Bank of Canada now owns 1,290 shares of the bank’s stock valued at $40,000 after acquiring an additional 310 shares in the last quarter. Comerica Bank grew its stake in Financial Institutions by 39.8% during the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after purchasing an additional 469 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in Financial Institutions by 44.8% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock worth $50,000 after purchasing an additional 497 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Financial Institutions by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 168,746 shares of the bank’s stock worth $5,260,000 after purchasing an additional 774 shares during the last quarter. Finally, Creative Planning raised its position in shares of Financial Institutions by 5.0% in the 3rd quarter. Creative Planning now owns 17,922 shares of the bank’s stock valued at $487,000 after purchasing an additional 850 shares in the last quarter. 60.45% of the stock is owned by hedge funds and other institutional investors.

Financial Institutions Stock Performance

Shares of NASDAQ FISI opened at $40.84 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The firm’s 50-day moving average price is $40.36 and its two-hundred day moving average price is $36.26. Financial Institutions, Inc. has a 52-week low of $25.61 and a 52-week high of $42.97. The stock has a market capitalization of $804.96 million, a P/E ratio of 10.13 and a beta of 0.62.

Financial Institutions (NASDAQ:FISI) last posted its earnings results on Thursday, July 23rd. The bank reported $1.04 EPS for the quarter, beating the consensus estimate of $0.93 by $0.11. The company had revenue of $64.31 million during the quarter, compared to analyst estimates of $63.54 million. Financial Institutions had a return on equity of 13.45% and a net margin of 21.78%. As a group, sell-side analysts forecast that Financial Institutions, Inc. will post 4.21 earnings per share for the current year.

Financial Institutions Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 3.1%. Financial Institutions’s payout ratio is currently 31.76%.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Piper Sandler reissued a “neutral” rating and set a $45.00 price objective (up from $38.00) on shares of Financial Institutions in a report on Monday, August 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Financial Institutions in a research report on Monday, July 6th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Financial Institutions from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $45.00.

Financial Institutions Company 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.