117,844 Shares in Financial Institutions, Inc. $FISI Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp bought a new stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 117,844 shares of the bank's stock, valued at approximately $4,592,000. Bank of New York Mellon Corp owned 0.60% of Financial Institutions as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PL Capital Advisors LLC lifted its holdings in Financial Institutions by 1.6% in the fourth quarter. PL Capital Advisors LLC now owns 1,802,791 shares of the bank's stock valued at $56,193,000 after buying an additional 27,905 shares during the period. Vanguard Group Inc. lifted its stake in shares of Financial Institutions by 3.8% in the 3rd quarter. Vanguard Group Inc. now owns 1,095,428 shares of the bank's stock valued at $29,796,000 after purchasing an additional 40,240 shares during the period. Wellington Management Group LLP boosted its position in shares of Financial Institutions by 42.4% in the 4th quarter. Wellington Management Group LLP now owns 1,049,295 shares of the bank's stock worth $32,707,000 after purchasing an additional 312,470 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position in shares of Financial Institutions by 19.8% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 972,043 shares of the bank's stock worth $30,299,000 after purchasing an additional 160,825 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Financial Institutions by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 955,906 shares of the bank's stock valued at $29,796,000 after purchasing an additional 4,801 shares during the last quarter. 60.45% of the stock is currently owned by institutional investors and hedge funds.

Financial Institutions Price Performance

Shares of FISI opened at $41.70 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a 50 day simple moving average of $40.47 and a 200 day simple moving average of $36.34. Financial Institutions, Inc. has a 52-week low of $25.61 and a 52-week high of $42.97. The firm has a market capitalization of $821.91 million, a PE ratio of 10.35 and a beta of 0.62.

Financial Institutions (NASDAQ:FISI - Get Free Report) 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. Financial Institutions had a return on equity of 13.45% and a net margin of 21.78%.The business had revenue of $64.31 million during the quarter, compared to analysts' expectations of $63.54 million. Sell-side analysts predict that Financial Institutions, Inc. will post 4.21 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th will be 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 is Tuesday, September 15th. Financial Institutions's dividend payout ratio is 31.76%.

Wall Street Analyst Weigh In

FISI has been the subject of several analyst reports. Piper Sandler restated a "neutral" rating and set a $45.00 target price (up from $38.00) on shares of Financial Institutions in a research report on Monday, August 3rd. Wall Street Zen lowered shares of Financial Institutions from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Keefe, Bruyette & Woods boosted their price objective on shares of Financial Institutions from $42.00 to $45.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Financial Institutions in a research note on Monday, July 6th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $45.00.

About Financial Institutions

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.

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