PL Capital Advisors LLC Acquires 27,905 Shares of Financial Institutions, Inc. $FISI

PL Capital Advisors LLC lifted its holdings in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 1.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,802,791 shares of the bank’s stock after purchasing an additional 27,905 shares during the quarter. Financial Institutions comprises about 17.7% of PL Capital Advisors LLC’s holdings, making the stock its 2nd biggest holding. PL Capital Advisors LLC owned about 0.09% of Financial Institutions worth $56,193,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Thrivent Financial for Lutherans lifted its position in shares of Financial Institutions by 412.7% during the third quarter. Thrivent Financial for Lutherans now owns 53,366 shares of the bank’s stock worth $1,451,000 after purchasing an additional 42,957 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Financial Institutions by 10.2% during the third quarter. JPMorgan Chase & Co. now owns 377,740 shares of the bank’s stock worth $10,275,000 after purchasing an additional 34,906 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Financial Institutions by 94.6% during the third quarter. ProShare Advisors LLC now owns 459,798 shares of the bank’s stock worth $12,507,000 after purchasing an additional 223,478 shares in the last quarter. AlphaQuest LLC acquired a new stake in shares of Financial Institutions during the third quarter worth about $444,000. Finally, GSA Capital Partners LLP acquired a new stake in Financial Institutions in the third quarter valued at approximately $497,000. Institutional investors and hedge funds own 60.45% of the company’s stock.

Financial Institutions Stock Down 0.8%

FISI stock opened at $35.93 on Thursday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. Financial Institutions, Inc. has a twelve month low of $24.41 and a twelve month high of $36.53. The company’s 50 day moving average is $33.63 and its two-hundred day moving average is $32.42. The stock has a market cap of $707.46 million, a P/E ratio of 9.36 and a beta of 0.63.

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

Financial Institutions Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th will be given 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 dividend payout ratio (DPR) is 33.33%.

Analysts Set New Price Targets

Several brokerages recently weighed in on FISI. Keefe, Bruyette & Woods raised their target price on shares of Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, February 2nd. Piper Sandler reaffirmed a “neutral” rating and issued a $36.00 target price (up from $34.00) on shares of Financial Institutions in a report on Monday, February 2nd. Wall Street Zen cut shares of Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings raised shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a report on Thursday, March 12th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $37.00.

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.