Financial Institutions, Inc. $FISI Stock Holdings Decreased by Wellington Management Group LLP

Wellington Management Group LLP lessened its stake in Financial Institutions, Inc. (NASDAQ:FISI) by 93.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 62,979 shares of the bank’s stock after selling 837,514 shares during the quarter. Wellington Management Group LLP’s holdings in Financial Institutions were worth $2,454,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Sei Investments Co. grew its stake in Financial Institutions by 205.0% in the first quarter. Sei Investments Co. now owns 51,480 shares of the bank’s stock worth $1,632,000 after purchasing an additional 34,601 shares in the last quarter. Bank of America Corp DE raised its stake in Financial Institutions by 101.3% during the first quarter. Bank of America Corp DE now owns 119,691 shares of the bank’s stock valued at $3,795,000 after buying an additional 60,234 shares in the last quarter. Empowered Funds LLC acquired a new stake in Financial Institutions during the second quarter valued at approximately $4,254,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Financial Institutions during the 2nd quarter worth approximately $1,619,000. Finally, GSA Capital Partners LLP bought a new position in Financial Institutions during the 2nd quarter worth approximately $1,459,000. Institutional investors own 60.45% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on FISI. Piper Sandler reiterated a “neutral” rating and issued a $45.00 target price (up from $38.00) on shares of Financial Institutions in a research report on Monday, August 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Financial Institutions in a research report on Monday, July 6th. Finally, Keefe, Bruyette & Woods raised their price objective on Financial Institutions from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $45.00.

Financial Institutions Price Performance

Shares of NASDAQ:FISI opened at $41.09 on Friday. The company has a market cap of $809.88 million, a PE ratio of 10.20 and a beta of 0.62. Financial Institutions, Inc. has a fifty-two week low of $25.61 and a fifty-two week high of $42.97. The firm has a 50-day simple moving average of $40.62 and a 200 day simple moving average of $36.56. 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) last issued its earnings results on Thursday, July 23rd. The bank reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. Financial Institutions had a net margin of 21.78% and a return on equity of 13.45%. The firm had revenue of $64.31 million for the quarter, compared to analysts’ expectations of $63.54 million. On average, sell-side analysts anticipate that Financial Institutions, Inc. will post 4.21 EPS for the current year.

Financial Institutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, September 15th. Financial Institutions’s dividend payout ratio is presently 31.76%.

Financial Institutions 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.