Man Group plc Invests $1.46 Million in Financial Institutions, Inc. $FISI

Key Points

• Man Group plc acquired 37,570 shares of Financial Institutions, Inc., valued at approximately $1.46 million, representing about 0.19% of the company. Institutional investors collectively own 60.45% of FISI.
• Analyst sentiment is moderately positive, with a consensus rating of “Moderate Buy” and an average price target of $45.00, compared with the stock’s reported price of $40.84.
• Financial Institutions exceeded quarterly earnings expectations, reporting $1.04 EPS versus a $0.93 estimate, and announced a quarterly dividend of $0.32, equivalent to a 3.1% annualized yield.

Man Group plc acquired a new stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 37,570 shares of the bank's stock, valued at approximately $1,464,000. Man Group plc owned about 0.19% of Financial Institutions at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Royal Bank of Canada boosted its position in Financial Institutions by 31.6% during the first quarter. Royal Bank of Canada now owns 1,290 shares of the bank's stock worth $40,000 after acquiring an additional 310 shares during the last quarter. Comerica Bank raised its holdings in Financial Institutions by 39.8% in the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank's stock valued at $45,000 after acquiring an additional 469 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in Financial Institutions by 44.8% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank's stock valued at $50,000 after acquiring an additional 497 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Financial Institutions by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 168,746 shares of the bank's stock worth $5,260,000 after purchasing an additional 774 shares during the period. Finally, Creative Planning lifted its stake in shares of Financial Institutions by 5.0% during the 3rd quarter. Creative Planning now owns 17,922 shares of the bank's stock worth $487,000 after purchasing an additional 850 shares during the period. Hedge funds and other institutional investors own 60.45% of the company's stock.

Wall Street Analysts Forecast Growth

FISI has been the subject of a number of recent analyst reports. Wall Street Zen downgraded Financial Institutions from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Weiss Ratings reiterated a "buy (b)" rating on shares of Financial Institutions in a research report on Monday, July 6th. Keefe, Bruyette & Woods raised their price target on Financial Institutions from $42.00 to $45.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Finally, Piper Sandler restated a "neutral" rating and issued a $45.00 price target (up from $38.00) on shares of Financial Institutions in a report on Monday, August 3rd. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $45.00.

Financial Institutions Stock Performance

NASDAQ:FISI opened at $40.84 on Thursday. The company has a market cap of $804.96 million, a P/E ratio of 10.13 and a beta of 0.62. The firm's 50 day moving average is $40.36 and its two-hundred day moving average is $36.26. Financial Institutions, Inc. has a fifty-two week low of $25.61 and a fifty-two week high of $42.97. 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 (NASDAQ:FISI - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $1.04 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts' expectations of $63.54 million. Analysts expect that Financial Institutions, Inc. will post 4.21 EPS for the current year.

Financial Institutions Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 15th will be given a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 3.1%. Financial Institutions's dividend payout ratio is presently 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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