Financial Institutions, Inc. $FISI Shares Bought by Sei Investments Co.

Sei Investments Co. boosted its position in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 205.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,480 shares of the bank’s stock after buying an additional 34,601 shares during the period. Sei Investments Co.’s holdings in Financial Institutions were worth $1,632,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. AQR Capital Management LLC raised its stake in Financial Institutions by 12.2% in the 1st quarter. AQR Capital Management LLC now owns 97,206 shares of the bank’s stock valued at $2,426,000 after purchasing an additional 10,590 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Financial Institutions by 30.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank’s stock worth $283,000 after purchasing an additional 2,617 shares during the last quarter. Empowered Funds LLC boosted its stake in Financial Institutions by 7.1% during the 1st quarter. Empowered Funds LLC now owns 74,841 shares of the bank’s stock worth $1,868,000 after purchasing an additional 4,979 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Financial Institutions during the first quarter worth $375,000. Finally, Creative Planning grew its holdings in shares of Financial Institutions by 28.7% during the second quarter. Creative Planning now owns 17,072 shares of the bank’s stock worth $438,000 after buying an additional 3,809 shares in the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Financial Institutions in a research note on Monday, July 6th. Keefe, Bruyette & Woods upped their price objective on shares of Financial Institutions from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Piper Sandler reiterated a “neutral” rating and issued a $45.00 price objective (up from $38.00) on shares of Financial Institutions in a report on Monday, August 3rd. Finally, Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Financial Institutions currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.

Financial Institutions Trading Down 0.8%

NASDAQ FISI opened at $41.33 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $814.61 million, a P/E ratio of 10.26 and a beta of 0.63. The firm’s 50-day moving average is $39.09 and its two-hundred day moving average is $35.36. Financial Institutions, Inc. has a 12 month low of $24.72 and a 12 month high of $42.97.

Financial Institutions (NASDAQ:FISI) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $1.04 EPS for the quarter, topping the consensus estimate of $0.93 by $0.11. Financial Institutions had a net margin of 21.78% and a return on equity of 13.45%. The firm had revenue of $64.31 million for the quarter, compared to analyst estimates of $63.54 million. On average, sell-side analysts anticipate that Financial Institutions, Inc. will post 4.21 earnings per share for the current year.

Financial Institutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Friday, June 12th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Friday, June 12th. 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.