Canandaigua National Bank & Trust Co. Takes Position in Financial Institutions, Inc. $FISI

Key Points

• Canandaigua National Bank & Trust Co. acquired 154,106 shares of Financial Institutions, valued at approximately $6.0 million, giving it a 0.78% stake. Institutional investors collectively own 60.45% of the company.
• Analyst sentiment is generally positive: the stock has a “Moderate Buy” consensus rating and a $45.00 average price target, although Wall Street Zen recently downgraded it to “Hold.”
• Financial Institutions reported quarterly EPS of $1.04, exceeding estimates of $0.93, while revenue reached $64.31 million. The company also maintains a quarterly dividend of $0.32 per share, equivalent to a 3.0% annualized yield.

Canandaigua National Bank & Trust Co. acquired a new position in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 154,106 shares of the bank's stock, valued at approximately $6,006,000. Canandaigua National Bank & Trust Co. owned 0.78% of Financial Institutions at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. PL Capital Advisors LLC grew its stake in shares of Financial Institutions by 1.6% during the 4th 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. Vanguard Group Inc. grew its position in Financial Institutions by 3.8% in the third 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 in the last quarter. Wellington Management Group LLP increased its stake in Financial Institutions by 42.4% in the 4th quarter. Wellington Management Group LLP now owns 1,049,295 shares of the bank's stock valued at $32,707,000 after buying an additional 312,470 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in 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 valued at $30,299,000 after buying an additional 160,825 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Financial Institutions by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 955,906 shares of the bank's stock worth $29,796,000 after buying an additional 4,801 shares in the last quarter. Institutional investors and hedge funds own 60.45% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on FISI shares. Keefe, Bruyette & Woods raised 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. Weiss Ratings restated a "buy (b)" rating on shares of Financial Institutions in a research note on Monday, July 6th. 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. Finally, Wall Street Zen downgraded Financial Institutions from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $45.00.

Financial Institutions Trading Up 0.3%

Financial Institutions stock opened at $42.70 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a 50-day simple moving average of $38.62 and a 200 day simple moving average of $35.08. The stock has a market capitalization of $840.76 million, a P/E ratio of 10.60 and a beta of 0.63. Financial Institutions, Inc. has a 52 week low of $24.62 and a 52 week high of $42.97.

Financial Institutions (NASDAQ:FISI - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.11. The company had revenue of $64.31 million during the quarter, compared to analysts' expectations of $63.54 million. Financial Institutions had a return on equity of 13.54% and a net margin of 21.78%. Analysts expect that Financial Institutions, Inc. will post 4.21 earnings per share for the current year.

Financial Institutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.28 annualized dividend and a yield of 3.0%. Financial Institutions's dividend payout ratio (DPR) is currently 31.76%.

Financial Institutions 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.

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