GSA Capital Partners LLP Purchases New Holdings in Financial Institutions, Inc. $FISI

GSA Capital Partners LLP acquired a new position in Financial Institutions, Inc. (NASDAQ:FISI) during the third quarter, Holdings Channel.com reports. The institutional investor acquired 18,274 shares of the bank’s stock, valued at approximately $497,000.

Several other large investors have also modified their holdings of FISI. EverSource Wealth Advisors LLC grew its stake in shares of Financial Institutions by 679.4% during 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 during the last quarter. Allworth Financial LP lifted its holdings in shares of Financial Institutions by 925.2% in the 2nd quarter. Allworth Financial LP now owns 2,850 shares of the bank’s stock worth $73,000 after buying an additional 2,572 shares during the period. Police & Firemen s Retirement System of New Jersey grew its position in shares of Financial Institutions by 29.8% during 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 buying an additional 1,103 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Financial Institutions by 461.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,042 shares of the bank’s stock worth $155,000 after buying an additional 4,966 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Financial Institutions by 33.3% during the second quarter. SG Americas Securities LLC now owns 8,262 shares of the bank’s stock valued at $212,000 after buying 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

FISI has been the subject of a number of research reports. Keefe, Bruyette & Woods upped their price objective on shares of Financial Institutions from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Zacks Research raised shares of Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Piper Sandler reissued a “neutral” rating and set a $36.00 price objective (up from $34.00) on shares of Financial Institutions in a report on Monday, February 2nd. Wall Street Zen raised shares of Financial Institutions from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Financial Institutions in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.33.

Financial Institutions Stock Performance

Shares of FISI stock opened at $32.23 on Tuesday. Financial Institutions, Inc. has a 12-month low of $20.97 and a 12-month high of $35.47. The business’s fifty day simple moving average is $32.67 and its 200-day simple moving average is $29.71. 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 company has a market cap of $648.79 million, a PE ratio of 8.93 and a beta of 0.70.

Financial Institutions (NASDAQ:FISI) last announced its earnings results on Thursday, January 29th. The bank reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.01. Financial Institutions had a return on equity of 12.75% and a net margin of 19.81%.The firm had revenue of $64.12 million for the quarter, compared to the consensus estimate of $62.99 million. Analysts expect that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Friday, March 13th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 4.0%. This is an increase from Financial Institutions’s previous quarterly dividend of $0.31. The ex-dividend date is Friday, March 13th. Financial Institutions’s dividend payout ratio is currently 34.35%.

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.