Inspire Investing LLC Buys 61,146 Shares of Financial Institutions, Inc. $FISI

Key Points

• Inspire Investing LLC purchased 61,146 shares of Financial Institutions, Inc., valued at approximately $2.38 million, giving it a 0.31% stake. Institutional investors collectively own 60.45% of the bank.
• Financial Institutions reported quarterly earnings of $1.04 per share, exceeding estimates of $0.93, while revenue reached $64.31 million. Analysts expect full-year earnings of approximately $4.21 per share.
• The company maintains a quarterly dividend of $0.32 per share, equivalent to a 3.2% yield. Analysts have a consensus “Moderate Buy” rating and a $45 price target, compared with the stock’s reported price of $40.58.

Inspire Investing LLC purchased a new stake in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 61,146 shares of the bank's stock, valued at approximately $2,383,000. Inspire Investing LLC owned about 0.31% of Financial Institutions at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Financial Institutions in the 2nd quarter worth about $64,973,000. Ategra Capital Management LLC bought a new stake in Financial Institutions in the 2nd quarter valued at about $21,983,000. Hillsdale Investment Management Inc. bought a new stake in Financial Institutions in the 1st quarter valued at about $7,391,000. Canandaigua National Bank & Trust Co. purchased a new stake in Financial Institutions during the second quarter valued at about $6,006,000. Finally, Bank of America Corp DE purchased a new stake in Financial Institutions during the second quarter valued at about $5,015,000. Hedge funds and other institutional investors own 60.45% of the company's stock.

Financial Institutions Price Performance

Financial Institutions stock opened at $40.58 on Monday. Financial Institutions, Inc. has a one year low of $27.84 and a one year high of $42.97. The business has a fifty day moving average price of $40.23 and a 200-day moving average price of $38.40. 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 firm has a market capitalization of $799.83 million, a P/E ratio of 10.07 and a beta of 0.62.

Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $64.31 million during the quarter, compared to analysts' expectations of $63.54 million. As a group, equities research analysts forecast that Financial Institutions, Inc. will post 4.21 EPS for the current year.

Financial Institutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Investors of record on Tuesday, September 15th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 3.2%. Financial Institutions's dividend payout ratio is 31.76%.

Analysts Set New Price Targets

A number of brokerages have weighed in on FISI. Piper Sandler reiterated a "neutral" rating and set a $45.00 target price (up from $38.00) on shares of Financial Institutions in a research report on Monday, August 3rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Financial Institutions in a research note on Friday, October 2nd. Finally, Keefe, Bruyette & Woods boosted their price target 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. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Financial Institutions presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.00.

Financial Institutions Company Profile

Financial Institutions, Inc NASDAQ: FISI is a diversified financial services company headquartered in Warsaw, New York. Through its principal banking subsidiary, Five Star Bank, the company provides community banking services to individuals, families, businesses and public-sector organizations.

Five Star Bank offers deposit accounts, residential and commercial real estate lending, consumer loans, business financing, cash-management services and other traditional banking products. The company also provides wealth management, investment advisory and retirement-plan administration services through specialized subsidiaries, including Courier Capital and Benefit Plan Administrative Services.

Financial Institutions serves customers primarily across communities in upstate New York, with related financial services available in additional markets.

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