JPMorgan Chase & Co. Has $10.28 Million Position in Financial Institutions, Inc. $FISI

Key Points

• JPMorgan Chase & Co. increased its stake in Financial Institutions to 377,740 shares (about $10.28 million), a 10.2% rise in the third quarter representing roughly 1.88% ownership.
• Financial Institutions raised its quarterly dividend to $0.32 (annualized $1.28), a 4.1% yield, with an ex-dividend date of March 13 and payment on April 2.
• Analysts have grown more positive—two upgrades to Buy and two Holds—with an average price target of $37 (KBW recently upped its target to $38), leaving a consensus rating of "Moderate Buy."

JPMorgan Chase & Co. lifted its stake in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 10.2% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 377,740 shares of the bank's stock after buying an additional 34,906 shares during the quarter. JPMorgan Chase & Co. owned about 1.88% of Financial Institutions worth $10,275,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of FISI. PL Capital Advisors LLC raised its holdings in Financial Institutions by 30.4% in the 3rd quarter. PL Capital Advisors LLC now owns 1,774,886 shares of the bank's stock valued at $48,277,000 after acquiring an additional 413,376 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Financial Institutions by 6.2% during the second quarter. Geode Capital Management LLC now owns 477,865 shares of the bank's stock worth $12,274,000 after acquiring an additional 27,770 shares during the period. Thrivent Financial for Lutherans boosted its holdings in shares of Financial Institutions by 412.7% during the third quarter. Thrivent Financial for Lutherans now owns 53,366 shares of the bank's stock worth $1,451,000 after acquiring an additional 42,957 shares during the period. ProShare Advisors LLC grew its position in shares of Financial Institutions by 94.6% in the third quarter. ProShare Advisors LLC now owns 459,798 shares of the bank's stock valued at $12,507,000 after purchasing an additional 223,478 shares during the last quarter. Finally, Bayview Asset Management LLC grew its position in shares of Financial Institutions by 9.4% in the second quarter. Bayview Asset Management LLC now owns 87,584 shares of the bank's stock valued at $2,249,000 after purchasing an additional 7,499 shares during the last quarter. Institutional investors own 60.45% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Weiss Ratings raised Financial Institutions from a "hold (c-)" rating to a "buy (b-)" rating in a report on Thursday, March 12th. Keefe, Bruyette & Woods increased their price objective on Financial Institutions from $35.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, February 2nd. Zacks Research raised Financial Institutions to a "hold" rating in a report on Thursday, December 18th. Piper Sandler reissued a "neutral" rating and issued a $36.00 target price (up from $34.00) on shares of Financial Institutions in a research report on Monday, February 2nd. Finally, Wall Street Zen upgraded shares of Financial Institutions from a "hold" rating to a "buy" rating in a research note on Saturday, February 14th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Financial Institutions presently has an average rating of "Moderate Buy" and an average price target of $37.00.

Financial Institutions Stock Performance

NASDAQ FISI opened at $30.89 on Friday. The firm's 50 day simple moving average is $32.38 and its 200 day simple moving average is $30.42. The firm has a market capitalization of $606.49 million, a price-to-earnings ratio of 8.56 and a beta of 0.68. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Financial Institutions, Inc. has a 1 year low of $20.97 and a 1 year high of $35.47.

Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its quarterly earnings data on Thursday, January 29th. The bank reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. Financial Institutions had a net margin of 19.81% and a return on equity of 12.62%. The business had revenue of $64.12 million during the quarter, compared to the consensus estimate of $62.99 million. As a group, research analysts expect that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Friday, March 13th will be issued a dividend of $0.32 per share. This is an increase from Financial Institutions's previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.1%. Financial Institutions's payout ratio is presently 35.46%.

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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