Segall Bryant & Hamill LLC Sells 28,670 Shares of Financial Institutions, Inc. $FISI

Segall Bryant & Hamill LLC lowered its holdings in Financial Institutions, Inc. (NASDAQ:FISI) by 39.8% in the first quarter, Holdings Channel reports. The firm owned 43,315 shares of the bank’s stock after selling 28,670 shares during the quarter. Segall Bryant & Hamill LLC’s holdings in Financial Institutions were worth $1,374,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of America Corp DE grew its holdings in shares of Financial Institutions by 101.3% in the 1st quarter. Bank of America Corp DE now owns 119,691 shares of the bank’s stock valued at $3,795,000 after acquiring an additional 60,234 shares in the last quarter. Royal Bank of Canada boosted its position in 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 purchasing an additional 310 shares during the last quarter. Empowered Funds LLC grew its stake in Financial Institutions by 8.4% in the first quarter. Empowered Funds LLC now owns 101,340 shares of the bank’s stock valued at $3,213,000 after purchasing an additional 7,833 shares in the last quarter. Quantinno Capital Management LP increased its position in shares of Financial Institutions by 18.4% during the 1st quarter. Quantinno Capital Management LP now owns 20,501 shares of the bank’s stock worth $650,000 after purchasing an additional 3,192 shares during the last quarter. Finally, Sei Investments Co. raised its stake in shares of Financial Institutions by 205.0% during the 1st quarter. Sei Investments Co. now owns 51,480 shares of the bank’s stock worth $1,632,000 after purchasing an additional 34,601 shares in the last quarter. 60.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Financial Institutions from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. 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 reiterated a “neutral” rating and issued a $45.00 target price (up from $38.00) on shares of Financial Institutions in a research note on Monday. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Financial Institutions in a research report on Monday, July 6th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $45.00.

Financial Institutions Price Performance

NASDAQ:FISI opened at $42.46 on Thursday. The company has a market cap of $836.89 million, a P/E ratio of 10.54 and a beta of 0.63. The firm’s fifty day moving average price is $38.75 and its two-hundred day moving average price is $35.15. Financial Institutions, Inc. has a one year low of $24.62 and a one year high of $42.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.86.

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

Financial Institutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were given a dividend of $0.32 per share. The ex-dividend date was Friday, June 12th. This represents a $1.28 annualized dividend and a yield of 3.0%. Financial Institutions’s dividend payout ratio (DPR) is 31.76%.

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.