GSA Capital Partners LLP Purchases Shares of 37,429 Financial Institutions, Inc. $FISI

Key Points

• GSA Capital Partners acquired 37,429 shares of Financial Institutions, valued at approximately $1.46 million, giving it a 0.19% stake. Institutional investors collectively own 60.45% of the company.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and a $45 price target. Recent target increases from Keefe, Bruyette & Woods and Piper Sandler offset a downgrade from Wall Street Zen.
• Financial Institutions reported quarterly EPS of $1.04, beating estimates of $0.93, while revenue of $64.31 million also exceeded expectations. FISI opened at $41.75, near its 52-week high of $42.97.

GSA Capital Partners LLP 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 SEC. The institutional investor acquired 37,429 shares of the bank's stock, valued at approximately $1,459,000. GSA Capital Partners LLP owned approximately 0.19% of Financial Institutions as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. AQR Capital Management LLC raised its position in shares of Financial Institutions by 12.2% during the 1st quarter. AQR Capital Management LLC now owns 97,206 shares of the bank's stock worth $2,426,000 after acquiring an additional 10,590 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Financial Institutions by 30.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank's stock valued at $283,000 after purchasing an additional 2,617 shares in the last quarter. Empowered Funds LLC increased its stake in Financial Institutions by 7.1% in the first quarter. Empowered Funds LLC now owns 74,841 shares of the bank's stock valued at $1,868,000 after purchasing an additional 4,979 shares during the last quarter. Jane Street Group LLC purchased a new position in Financial Institutions in the first quarter valued at approximately $375,000. Finally, Creative Planning increased its stake in Financial Institutions by 28.7% in the second quarter. Creative Planning now owns 17,072 shares of the bank's stock valued at $438,000 after purchasing an additional 3,809 shares during the last quarter. Hedge funds and other institutional investors own 60.45% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on FISI shares. Weiss Ratings restated a "buy (b)" rating on shares of Financial Institutions in a research report on Monday, July 6th. Keefe, Bruyette & Woods increased their target price on shares of Financial Institutions from $42.00 to $45.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. 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, Piper Sandler reiterated a "neutral" rating and set a $45.00 price target (up from $38.00) on shares of Financial Institutions in a research note on Monday, August 3rd. Two equities research 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.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $45.00.

Financial Institutions Stock Performance

FISI opened at $41.75 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. Financial Institutions, Inc. has a 52 week low of $25.61 and a 52 week high of $42.97. The business's 50 day moving average is $39.52 and its two-hundred day moving average is $35.62. The firm has a market cap of $822.89 million, a price-to-earnings ratio of 10.36 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 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.11. The business had revenue of $64.31 million during the quarter, compared to the consensus estimate of $63.54 million. Financial Institutions had a return on equity of 13.45% and a net margin of 21.78%. On average, research analysts predict that Financial Institutions, Inc. will post 4.21 EPS for the current year.

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.

Want to see what other hedge funds are holding FISI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Financial Institutions, Inc. (NASDAQ:FISI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source