Bank of America Corp DE Has $3.79 Million Stock Holdings in Financial Institutions, Inc. $FISI

Bank of America Corp DE boosted its stake in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 101.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 119,691 shares of the bank's stock after purchasing an additional 60,234 shares during the quarter. Bank of America Corp DE owned about 0.61% of Financial Institutions worth $3,795,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Royal Bank of Canada boosted its holdings in shares of Financial Institutions by 31.6% during the 1st quarter. Royal Bank of Canada now owns 1,290 shares of the bank's stock worth $40,000 after buying an additional 310 shares during the period. Empowered Funds LLC raised its holdings in Financial Institutions by 8.4% in the 1st quarter. Empowered Funds LLC now owns 101,340 shares of the bank's stock valued at $3,213,000 after acquiring an additional 7,833 shares during the period. Quantinno Capital Management LP lifted its position in Financial Institutions by 18.4% during the first quarter. Quantinno Capital Management LP now owns 20,501 shares of the bank's stock worth $650,000 after acquiring an additional 3,192 shares during the last quarter. Sei Investments Co. lifted its position in 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 acquiring an additional 34,601 shares during the last quarter. Finally, Hillsdale Investment Management Inc. bought a new stake in shares of Financial Institutions during the first quarter worth approximately $7,391,000. 60.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Financial Institutions Stock Up 0.1%

Shares of NASDAQ FISI opened at $40.96 on Friday. The company has a market cap of $807.32 million, a price-to-earnings ratio of 10.16 and a beta of 0.63. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. Financial Institutions, Inc. has a 12 month low of $25.61 and a 12 month high of $42.97. The stock has a 50-day moving average price of $40.23 and a two-hundred day moving average price of $36.12.

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 analysts' consensus estimates of $0.93 by $0.11. The company had revenue of $64.31 million for the quarter, compared to the consensus estimate of $63.54 million. Financial Institutions had a net margin of 21.78% and a return on equity of 13.45%. As a group, analysts forecast that Financial Institutions, Inc. will post 4.21 earnings per share for the current fiscal year.

Financial Institutions Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th will be given a $0.32 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 3.1%. Financial Institutions's dividend payout ratio (DPR) is currently 31.76%.

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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