BlackRock Inc. Purchases Shares of 1,667,260 Financial Institutions, Inc. $FISI

BlackRock Inc. acquired a new position in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,667,260 shares of the bank's stock, valued at approximately $64,973,000. BlackRock Inc. owned 8.46% of Financial Institutions 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. Larson Financial Group LLC boosted its holdings in shares of Financial Institutions by 3,150.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,170 shares of the bank's stock worth $32,000 after buying an additional 1,134 shares during the period. Royal Bank of Canada lifted its position in Financial Institutions by 31.6% during the first quarter. Royal Bank of Canada now owns 1,290 shares of the bank's stock worth $40,000 after acquiring an additional 310 shares during the last quarter. Comerica Bank lifted its position in Financial Institutions by 39.8% during the third quarter. Comerica Bank now owns 1,647 shares of the bank's stock worth $45,000 after acquiring an additional 469 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Financial Institutions by 679.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank's stock worth $45,000 after acquiring an additional 1,515 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its holdings in shares of Financial Institutions by 44.8% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank's stock worth $50,000 after acquiring an additional 497 shares during the period. 60.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on FISI shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Financial Institutions in a research note on Monday, July 6th. 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 upped their price objective on Financial Institutions from $42.00 to $45.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Finally, Piper Sandler reaffirmed 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. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $45.00.

Financial Institutions Stock Performance

Shares of NASDAQ:FISI opened at $40.96 on Monday. The business's 50 day simple moving average is $40.23 and its 200 day simple moving average is $36.13. 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 company has a market capitalization of $807.32 million, a P/E ratio of 10.16 and a beta of 0.63.

Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its quarterly earnings data 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 return on equity of 13.45% and a net margin of 21.78%.The firm had revenue of $64.31 million during the quarter, compared to analysts' expectations of $63.54 million. On average, research analysts anticipate that Financial Institutions, Inc. will post 4.21 EPS for the current fiscal year.

Financial Institutions Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 3.1%. Financial Institutions's dividend payout ratio 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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