Sei Investments Co. Purchases 34,601 Shares of Financial Institutions, Inc. $FISI

Key Points

• Sei Investments increased its Financial Institutions stake by 205% in the first quarter, purchasing 34,601 additional shares and bringing its holdings to 51,480 shares valued at approximately $1.63 million. Institutional investors collectively own 60.45% of FISI.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $45.00. Recent targets were raised by Keefe, Bruyette & Woods and Piper Sandler, although ratings are split between Buy and Hold.
• Financial Institutions beat quarterly earnings expectations, reporting $1.04 in EPS versus the $0.93 consensus and revenue of $64.31 million. The company pays a quarterly dividend of $0.32 per share, equivalent to a 3.1% annualized yield.

Sei Investments Co. grew its holdings in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 205.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,480 shares of the bank's stock after purchasing an additional 34,601 shares during the period. Sei Investments Co. owned approximately 0.26% of Financial Institutions worth $1,632,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of FISI. Larson Financial Group LLC lifted its stake in shares of 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 buying an additional 1,134 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Financial Institutions by 679.4% in the second 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. Comerica Bank raised its stake in shares of Financial Institutions by 39.8% in the third quarter. Comerica Bank now owns 1,647 shares of the bank's stock worth $45,000 after purchasing an additional 469 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Financial Institutions by 44.8% in the fourth 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. Finally, Fifth Third Bancorp acquired a new stake in shares of Financial Institutions during the first quarter worth about $52,000. 60.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FISI. Wall Street Zen cut Financial Institutions from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Financial Institutions in a report on Monday, July 6th. Keefe, Bruyette & Woods lifted their price target on Financial Institutions from $42.00 to $45.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. Finally, Piper Sandler reissued 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 equities research 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, Financial Institutions presently has a consensus rating of "Moderate Buy" and an average price target of $45.00.

Financial Institutions Stock Performance

Shares of FISI stock opened at $41.33 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. Financial Institutions, Inc. has a 12-month low of $24.72 and a 12-month high of $42.97. The business's 50 day moving average is $39.09 and its two-hundred day moving average is $35.36. The company has a market capitalization of $814.61 million, a P/E ratio of 10.26 and a beta of 0.63.

Financial Institutions (NASDAQ:FISI - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $1.04 EPS for the quarter, beating analysts' consensus estimates of $0.93 by $0.11. Financial Institutions had a return on equity of 13.45% and a net margin of 21.78%.The business 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 fiscal year.

Financial Institutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were given a dividend of $0.32 per share. The ex-dividend date was Friday, June 12th. This represents a $1.28 dividend on an annualized basis and a yield of 3.1%. Financial Institutions's dividend payout ratio is currently 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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