GSA Capital Partners LLP Takes Position in Financial Institutions, Inc. $FISI

GSA Capital Partners LLP bought a new position in shares of Financial Institutions, Inc. (NASDAQ:FISI) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 37,429 shares of the bank’s stock, valued at approximately $1,459,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FISI. Wellington Management Group LLP increased its position in Financial Institutions by 42.4% in the 4th quarter. Wellington Management Group LLP now owns 1,049,295 shares of the bank’s stock valued at $32,707,000 after acquiring an additional 312,470 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in Financial Institutions during the 1st quarter worth approximately $7,391,000. Adage Capital Partners GP L.L.C. lifted its position in Financial Institutions by 19.8% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 972,043 shares of the bank’s stock worth $30,299,000 after acquiring an additional 160,825 shares during the period. Canandaigua National Bank & Trust Co. purchased a new position in shares of Financial Institutions in the 2nd quarter valued at approximately $6,006,000. Finally, Millennium Management LLC grew its stake in shares of 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 purchasing an additional 93,626 shares during the last quarter. Hedge funds and other institutional investors own 60.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Keefe, Bruyette & Woods boosted their target price on Financial Institutions from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Piper Sandler reaffirmed a “neutral” rating and set a $45.00 price target (up from $38.00) on shares of Financial Institutions in a report on Monday, August 3rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Financial Institutions in a research report on Monday, July 6th. Finally, Wall Street Zen cut shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Two investment 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 has an average rating of “Moderate Buy” and an average price target of $45.00.

Financial Institutions Price Performance

Shares of NASDAQ:FISI opened at $41.75 on Monday. 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 company has a market cap of $822.89 million, a P/E ratio of 10.36 and a beta of 0.63. Financial Institutions, Inc. has a 52 week low of $25.61 and a 52 week high of $42.97. The company has a 50-day moving average price of $39.52 and a 200 day moving average price of $35.62.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. Financial Institutions had a return on equity of 13.45% and a net margin of 21.78%.The company had revenue of $64.31 million for the quarter, compared to analyst estimates of $63.54 million. Research analysts predict that Financial Institutions, Inc. will post 4.21 earnings per share for the current year.

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.