Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 41,541 Financial Institutions, Inc. $FISI

Key Points

• Connor Clark & Lunn Investment Management acquired 41,541 shares of Financial Institutions, valued at approximately $1.62 million, giving it a 0.21% stake. Institutional investors collectively own 60.45% of the company.
• Financial Institutions exceeded quarterly expectations, reporting $1.04 in EPS versus the $0.93 consensus and revenue of $64.31 million. Analysts expect $4.21 in full-year EPS.
• The company declared a quarterly dividend of $0.32 per share, equivalent to $1.28 annually and a 3.1% yield. Analyst sentiment remains moderately bullish, with a consensus price target of $45.00.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 41,541 shares of the bank's stock, valued at approximately $1,619,000. Connor Clark & Lunn Investment Management Ltd. owned 0.21% of Financial Institutions as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Larson Financial Group LLC raised its position in Financial Institutions by 3,150.0% during the third quarter. Larson Financial Group LLC now owns 1,170 shares of the bank's stock valued at $32,000 after acquiring an additional 1,134 shares in the last quarter. Royal Bank of Canada boosted its position in Financial Institutions by 31.6% in the 1st quarter. Royal Bank of Canada now owns 1,290 shares of the bank's stock worth $40,000 after purchasing an additional 310 shares in the last quarter. Comerica Bank boosted its position in Financial Institutions by 39.8% in the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank's stock worth $45,000 after purchasing an additional 469 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Financial Institutions by 679.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank's stock worth $45,000 after purchasing an additional 1,515 shares during the period. Finally, CANADA LIFE ASSURANCE Co grew its stake in shares of Financial Institutions by 44.8% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank's stock worth $50,000 after purchasing an additional 497 shares during the period. Hedge funds and other institutional investors own 60.45% of the company's stock.

Financial Institutions Stock Up 0.1%

Shares of FISI opened at $40.96 on Friday. 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's 50 day moving average is $40.23 and its two-hundred day moving average is $36.12. The firm has a market cap 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 posted its quarterly earnings data on Thursday, July 23rd. The bank reported $1.04 EPS for the quarter, beating analysts' consensus estimates of $0.93 by $0.11. The business 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 13.45% and a net margin of 21.78%. Analysts predict that Financial Institutions, Inc. will post 4.21 earnings per share for the current fiscal year.

Financial Institutions Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 15th will be paid 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 yield of 3.1%. Financial Institutions's dividend payout ratio (DPR) is currently 31.76%.

Analyst Ratings Changes

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

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