Segall Bryant & Hamill LLC Sells 28,670 Shares of Financial Institutions, Inc. $FISI

Key Points

• Segall Bryant & Hamill LLC cut its Financial Institutions stake by 39.8%, selling 28,670 shares and retaining 43,315 shares worth approximately $1.37 million. Institutional investors collectively own 60.45% of FISI.
• Financial Institutions reported quarterly EPS of $1.04, exceeding estimates of $0.93, while revenue of $64.31 million also topped expectations. The stock opened at $42.46, near its 52-week high of $42.97.
• The company paid a quarterly dividend of $0.32, representing a $1.28 annualized payout and a 3.0% yield. Analysts maintain a “Moderate Buy” consensus with a $45 average price target.

Segall Bryant & Hamill LLC reduced its position in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 39.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 43,315 shares of the bank's stock after selling 28,670 shares during the period. Segall Bryant & Hamill LLC owned 0.22% of Financial Institutions worth $1,374,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FISI. Larson Financial Group LLC increased its position in Financial Institutions by 3,150.0% during the third quarter. Larson Financial Group LLC now owns 1,170 shares of the bank's stock worth $32,000 after acquiring an additional 1,134 shares during the period. Royal Bank of Canada raised its stake in Financial Institutions by 31.6% during the 1st quarter. Royal Bank of Canada now owns 1,290 shares of the bank's stock valued at $40,000 after purchasing an additional 310 shares during the last quarter. Comerica Bank boosted 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 purchasing an additional 469 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Financial Institutions by 679.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank's stock valued at $45,000 after purchasing an additional 1,515 shares during the period. Finally, CANADA LIFE ASSURANCE Co grew its position in Financial Institutions by 44.8% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank's stock worth $50,000 after purchasing an additional 497 shares during the last quarter. 60.45% of the stock is currently owned by institutional investors and hedge funds.

Financial Institutions Stock Down 0.6%

NASDAQ FISI opened at $42.46 on Thursday. The stock has a fifty day moving average of $38.75 and a 200-day moving average of $35.15. The stock has a market capitalization of $836.89 million, a P/E ratio of 10.54 and a beta of 0.63. Financial Institutions, Inc. has a 52 week low of $24.62 and a 52 week high of $42.97. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.88.

Financial Institutions (NASDAQ:FISI - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $1.04 EPS for the quarter, topping 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. On average, equities research analysts forecast that Financial Institutions, Inc. will post 4.21 EPS for the current year.

Financial Institutions Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FISI. Piper Sandler restated a "neutral" rating and issued a $45.00 target price (up from $38.00) on shares of Financial Institutions in a research note on Monday. Keefe, Bruyette & Woods lifted their price target on shares of Financial Institutions from $42.00 to $45.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Wall Street Zen lowered shares of Financial Institutions from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Financial Institutions in a research note on Monday, July 6th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $45.00.

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.

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