ProShare Advisors LLC Cuts Position in Financial Institutions, Inc. $FISI

ProShare Advisors LLC decreased its position in Financial Institutions, Inc. (NASDAQ:FISI) by 57.5% during the fourth quarter, Holdings Channel reports. The firm owned 195,512 shares of the bank’s stock after selling 264,286 shares during the quarter. ProShare Advisors LLC’s holdings in Financial Institutions were worth $6,094,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Larson Financial Group LLC raised its position in Financial Institutions by 3,150.0% in the third quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock valued at $32,000 after purchasing an additional 1,134 shares during the period. Comerica Bank raised its position in Financial Institutions by 39.8% in the third quarter. Comerica Bank now owns 1,647 shares of the bank’s stock valued at $45,000 after purchasing an additional 469 shares during the period. EverSource Wealth Advisors LLC raised its position in 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 purchasing an additional 1,515 shares during the period. Advisory Services Network LLC purchased a new stake in Financial Institutions in the third quarter valued at approximately $53,000. Finally, BNP Paribas Financial Markets raised its position in Financial Institutions by 461.5% in the second quarter. BNP Paribas Financial Markets now owns 6,042 shares of the bank’s stock valued at $155,000 after purchasing an additional 4,966 shares during the period. Hedge funds and other institutional investors own 60.45% of the company’s stock.

Financial Institutions Stock Performance

Shares of FISI stock opened at $35.36 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. The firm has a fifty day moving average price of $33.30 and a 200 day moving average price of $32.25. The company has a market cap of $696.24 million, a P/E ratio of 9.21 and a beta of 0.63. Financial Institutions, Inc. has a 12 month low of $24.41 and a 12 month high of $35.73.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, April 23rd. The bank reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.12. The firm had revenue of $62.67 million during the quarter, compared to the consensus estimate of $62.76 million. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. Sell-side analysts predict that Financial Institutions, Inc. will post 3.96 earnings per share for the current fiscal year.

Financial Institutions Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Friday, June 12th will be paid a dividend of $0.32 per share. The ex-dividend date is Friday, June 12th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.6%. Financial Institutions’s payout ratio is presently 33.33%.

Analyst Ratings Changes

A number of brokerages have issued reports on FISI. Weiss Ratings raised Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research report on Thursday, March 12th. Keefe, Bruyette & Woods boosted 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. Wall Street Zen downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Piper Sandler restated 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. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

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.