Bank of America Corp DE Buys 128,688 Shares of Financial Institutions, Inc. $FISI

Key Points

• Bank of America bought 128,688 shares of Financial Institutions, valued at approximately $5.0 million, giving it a 0.65% stake. Institutional investors collectively own 60.45% of FISI.
• Analysts maintain a consensus “Moderate Buy” rating with a $45 price target, while the stock recently traded at $39.55.
• Financial Institutions exceeded quarterly earnings expectations, reporting $1.04 EPS and $64.31 million in revenue. The company also declared a quarterly dividend of $0.32, equivalent to a 3.2% annual yield.

Bank of America Corp DE purchased a new position in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 128,688 shares of the bank's stock, valued at approximately $5,015,000. Bank of America Corp DE owned 0.65% of Financial Institutions at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Financial Institutions in the 2nd quarter valued at about $64,973,000. Ategra Capital Management LLC acquired a new stake in shares of Financial Institutions in the 2nd quarter valued at $21,983,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Financial Institutions in the 1st quarter valued at $7,391,000. Canandaigua National Bank & Trust Co. purchased a new stake in shares of Financial Institutions during the 2nd quarter worth $6,006,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Financial Institutions during the 2nd quarter worth $4,592,000. Institutional investors and hedge funds own 60.45% of the company's stock.

Analyst Upgrades and Downgrades

FISI has been the topic of several recent analyst reports. Keefe, Bruyette & Woods increased their target price on Financial Institutions from $42.00 to $45.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Piper Sandler reaffirmed a "neutral" rating and set a $45.00 price target (up from $38.00) on shares of Financial Institutions in a report on Monday, August 3rd. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Financial Institutions in a research report on Monday, July 6th. Two 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 stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $45.00.

Financial Institutions Trading Down 1.7%

Shares of Financial Institutions stock opened at $39.55 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $40.97 and a 200-day simple moving average of $37.30. The stock has a market cap of $779.53 million, a price-to-earnings ratio of 9.81 and a beta of 0.62. Financial Institutions, Inc. has a 12-month low of $25.61 and a 12-month high of $42.97.

Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $1.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.11. The firm had revenue of $64.31 million during the quarter, compared to analysts' expectations of $63.54 million. Financial Institutions had a net margin of 21.78% and a return on equity of 13.45%. On average, equities analysts forecast that Financial Institutions, Inc. will post 4.21 EPS for the current fiscal year.

Financial Institutions Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 15th will be given a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.2%. Financial Institutions's dividend payout ratio is 31.76%.

Financial Institutions Company Profile

Financial Institutions, Inc NASDAQ: FISI is a financial services holding company headquartered in Western New York. Through its subsidiaries, the company provides banking, wealth management and insurance services to individuals, families, businesses and nonprofit organizations.

Its principal banking subsidiary, Five Star Bank, offers deposit accounts, residential and commercial lending, mortgages, credit cards, treasury management and other financial products. The company also provides investment management, trust and financial planning services through its wealth management operations, as well as personal and commercial insurance solutions through its insurance business.

Financial Institutions primarily serves communities across Western and Central New York through a network of banking offices and digital channels.

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