Ategra Capital Management LLC Takes Position in Financial Institutions, Inc. $FISI

Key Points

• Ategra Capital Management purchased 564,100 shares of Financial Institutions, valued at approximately $22.0 million, making FISI its second-largest holding and representing about 2.86% of the company.
• FISI reported quarterly earnings of $1.04 per share, exceeding the $0.93 consensus estimate, while revenue of $64.31 million also topped expectations.
• Analysts have a generally positive outlook, with an average “Moderate Buy” rating and a $45 price target; shares recently traded at $40.82, near their 52-week high.

Ategra Capital Management LLC purchased a new stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 564,100 shares of the bank's stock, valued at approximately $21,983,000. Financial Institutions makes up 9.9% of Ategra Capital Management LLC's investment portfolio, making the stock its 2nd biggest holding. Ategra Capital Management LLC owned approximately 2.86% of Financial Institutions at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Sei Investments Co. increased its position in shares of Financial Institutions by 205.0% during the first 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. GSA Capital Partners LLP purchased a new position in Financial Institutions during the 2nd quarter worth $1,459,000. Hillsdale Investment Management Inc. purchased a new position in Financial Institutions during the 1st quarter worth $7,391,000. Canandaigua National Bank & Trust Co. acquired a new position in Financial Institutions during the 2nd quarter valued at about $6,006,000. Finally, PL Capital Advisors LLC boosted 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 worth $56,193,000 after acquiring an additional 27,905 shares in the last quarter. Hedge funds and other institutional investors own 60.45% of the company's stock.

Financial Institutions Price Performance

FISI stock opened at $40.82 on Tuesday. Financial Institutions, Inc. has a 1 year low of $25.61 and a 1 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 0.88. The firm has a market capitalization of $804.56 million, a PE ratio of 10.13 and a beta of 0.63. The business has a 50 day simple moving average of $39.94 and a 200-day simple moving average of $35.96.

Financial Institutions (NASDAQ:FISI - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $1.04 earnings per share for the quarter, beating 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 business had revenue of $64.31 million during the quarter, compared to analysts' expectations of $63.54 million. Equities research analysts anticipate that Financial Institutions, Inc. will post 4.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.

Want to see what other hedge funds are holding FISI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Financial Institutions, Inc. (NASDAQ:FISI - Free Report).

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