Empowered Funds LLC Acquires Shares of 109,154 Financial Institutions, Inc. $FISI

Key Points

• Empowered Funds LLC acquired 109,154 shares of Financial Institutions, valued at approximately $4.25 million and representing about 0.55% of the company. Institutional investors and hedge funds collectively own 60.45% of the stock.
• Analyst sentiment remains favorable, with an average rating of “Moderate Buy” and a consensus price target of $45.00. Piper Sandler and Keefe, Bruyette & Woods recently raised their price targets to $45.
• Financial Institutions exceeded quarterly earnings expectations, reporting $1.04 in EPS versus a $0.93 consensus estimate, and declared a quarterly dividend of $0.32, equivalent to a 3.2% annualized yield.

Empowered Funds LLC acquired a new stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 109,154 shares of the bank's stock, valued at approximately $4,254,000. Empowered Funds LLC owned approximately 0.55% of Financial Institutions at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Larson Financial Group LLC lifted its position 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 valued at $32,000 after buying an additional 1,134 shares in the last quarter. Royal Bank of Canada increased its holdings 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 acquiring an additional 310 shares in the last quarter. Comerica Bank increased its holdings 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 acquiring an additional 469 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in 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 raised its position in 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 owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on FISI shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Financial Institutions in a research 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. Wall Street Zen lowered shares of Financial Institutions from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Finally, Keefe, Bruyette & Woods lifted their price objective on Financial Institutions from $42.00 to $45.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Two 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, the stock presently has an average rating of "Moderate Buy" and an average target price of $45.00.

Financial Institutions Stock Down 1.1%

NASDAQ FISI opened at $40.52 on Tuesday. The business has a fifty day moving average price of $40.28 and a 200 day moving average price of $36.17. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market cap of $798.65 million, a P/E ratio of 10.05 and a beta of 0.63. Financial Institutions, Inc. has a one year low of $25.61 and a one year high of $42.97.

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

Financial Institutions Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 15th. 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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