Financial Institutions, Inc. $FISI Shares Sold by LSV Asset Management

LSV Asset Management lessened its holdings in Financial Institutions, Inc. (NASDAQ:FISI) by 29.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 167,500 shares of the bank’s stock after selling 68,537 shares during the period. LSV Asset Management’s holdings in Financial Institutions were worth $4,556,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its position in shares of Financial Institutions by 679.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after buying an additional 1,515 shares in the last quarter. Allworth Financial LP grew its stake in Financial Institutions by 925.2% in the 2nd quarter. Allworth Financial LP now owns 2,850 shares of the bank’s stock valued at $73,000 after acquiring an additional 2,572 shares during the period. Police & Firemen s Retirement System of New Jersey increased its holdings in Financial Institutions by 29.8% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 4,805 shares of the bank’s stock worth $123,000 after acquiring an additional 1,103 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Financial Institutions by 461.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,042 shares of the bank’s stock worth $155,000 after acquiring an additional 4,966 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in Financial Institutions by 33.3% during the second quarter. SG Americas Securities LLC now owns 8,262 shares of the bank’s stock worth $212,000 after acquiring an additional 2,063 shares during the period. Hedge funds and other institutional investors own 60.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of Financial Institutions in a research report on Monday, December 29th. Zacks Research upgraded Financial Institutions to a “hold” rating in a report on Thursday, December 18th. Wall Street Zen upgraded Financial Institutions from a “hold” rating to a “buy” rating in a research note on Saturday. Keefe, Bruyette & Woods raised their target price on Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $36.00 price target (up from $34.00) on shares of Financial Institutions in a research note on Monday, February 2nd. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $35.33.

Financial Institutions Stock Up 1.0%

FISI stock opened at $34.41 on Monday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.19. The firm has a 50-day moving average of $32.47 and a two-hundred day moving average of $29.34. Financial Institutions, Inc. has a 12 month low of $20.97 and a 12 month high of $35.47. The company has a market cap of $692.67 million, a price-to-earnings ratio of 9.53 and a beta of 0.70.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings results on Thursday, January 29th. The bank reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. Financial Institutions had a return on equity of 12.75% and a net margin of 19.81%.The business had revenue of $64.12 million during the quarter, compared to analyst estimates of $62.99 million. As a group, analysts forecast that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 2nd. Shareholders of record on Friday, March 13th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.7%. The ex-dividend date is Friday, March 13th. This is an increase from Financial Institutions’s previous quarterly dividend of $0.31. Financial Institutions’s dividend payout ratio (DPR) is currently 34.35%.

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.