Renaissance Technologies LLC Sells 68,369 Shares of Financial Institutions, Inc. $FISI

Key Points

• Renaissance Technologies reduced its Financial Institutions stake by 25.2%, selling 68,369 shares and retaining 202,931 shares worth approximately $6.4 million. Institutional investors collectively own 60.45% of the company.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and a $45 price target. FISI recently traded at $42.70 after reporting quarterly EPS of $1.04, beating estimates of $0.93.
• Financial Institutions declared a quarterly dividend of $0.32, equivalent to $1.28 annually and a 3.0% yield; its payout ratio is 31.76%.

Renaissance Technologies LLC cut its holdings in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 25.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 202,931 shares of the bank's stock after selling 68,369 shares during the quarter. Renaissance Technologies LLC owned approximately 1.03% of Financial Institutions worth $6,435,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FISI. Comerica Bank raised its stake in Financial Institutions by 39.8% during the third 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. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Financial Institutions by 44.8% during 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Financial Institutions by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 168,746 shares of the bank's stock valued at $5,260,000 after purchasing an additional 774 shares in the last quarter. Creative Planning boosted its position in 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 buying an additional 850 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Financial Institutions by 2.3% during the fourth quarter. Russell Investments Group Ltd. now owns 38,449 shares of the bank's stock worth $1,198,000 after purchasing an additional 872 shares during the period. Institutional investors own 60.45% of the company's stock.

Wall Street Analysts Forecast Growth

FISI has been the subject of a number of analyst reports. Piper Sandler restated a "neutral" rating and set a $45.00 price objective (up from $38.00) on shares of Financial Institutions in a research report on Monday. 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. Weiss Ratings restated a "buy (b)" rating on shares of Financial Institutions in a report on Monday, July 6th. Finally, Wall Street Zen downgraded shares of Financial Institutions from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Financial Institutions currently has an average rating of "Moderate Buy" and a consensus target price of $45.00.

Financial Institutions Stock Performance

Shares of Financial Institutions stock opened at $42.70 on Wednesday. The business has a 50-day moving average price of $38.62 and a two-hundred day moving average price of $35.08. Financial Institutions, Inc. has a 1-year low of $24.62 and a 1-year high of $42.97. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. The company has a market cap of $840.76 million, a P/E ratio of 10.60 and a beta of 0.63.

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 analysts' consensus estimates of $0.93 by $0.11. Financial Institutions had a return on equity of 13.54% and a net margin of 21.78%.The company had revenue of $64.31 million for the quarter, compared to the consensus estimate of $63.54 million. As a group, analysts anticipate that Financial Institutions, Inc. will post 4.21 EPS for the current year.

Financial Institutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were paid a $0.32 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.28 annualized dividend and a yield of 3.0%. Financial Institutions's payout ratio is 31.76%.

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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