ProShare Advisors LLC Has $12.51 Million Holdings in Financial Institutions, Inc. $FISI

ProShare Advisors LLC lifted its holdings in Financial Institutions, Inc. (NASDAQ:FISI) by 94.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 459,798 shares of the bank’s stock after purchasing an additional 223,478 shares during the quarter. ProShare Advisors LLC owned 2.28% of Financial Institutions worth $12,507,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in FISI. PL Capital Advisors LLC grew its position in Financial Institutions by 30.4% in the third quarter. PL Capital Advisors LLC now owns 1,774,886 shares of the bank’s stock valued at $48,277,000 after purchasing an additional 413,376 shares in the last quarter. Fourthstone LLC boosted its stake in shares of Financial Institutions by 54.8% during the 2nd quarter. Fourthstone LLC now owns 846,661 shares of the bank’s stock worth $21,742,000 after buying an additional 299,574 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in shares of Financial Institutions by 0.5% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 778,821 shares of the bank’s stock valued at $20,000,000 after acquiring an additional 3,650 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Financial Institutions by 6.2% in the 2nd quarter. Geode Capital Management LLC now owns 477,865 shares of the bank’s stock valued at $12,274,000 after acquiring an additional 27,770 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Financial Institutions by 3.7% in the second quarter. JPMorgan Chase & Co. now owns 342,834 shares of the bank’s stock valued at $8,804,000 after acquiring an additional 12,181 shares during the last quarter. Institutional investors own 60.45% of the company’s stock.

Financial Institutions Stock Down 0.9%

FISI opened at $34.46 on Wednesday. The stock’s fifty day simple moving average is $32.28 and its 200 day simple moving average is $29.17. Financial Institutions, Inc. has a 1-year low of $20.97 and a 1-year high of $35.47. The stock has a market cap of $693.71 million, a PE ratio of 9.55 and a beta of 0.70. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.19.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings data on Thursday, January 29th. The bank reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The firm had revenue of $64.12 million for the quarter, compared to the consensus estimate of $62.99 million. Financial Institutions had a net margin of 19.81% and a return on equity of 12.75%. As a group, research analysts expect that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.

Financial Institutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were paid a $0.31 dividend. The ex-dividend date was Monday, December 15th. This represents a $1.24 dividend on an annualized basis and a yield of 3.6%. Financial Institutions’s dividend payout ratio is 34.35%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Keefe, Bruyette & Woods increased their price target on Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Piper Sandler reissued a “neutral” rating and issued a $36.00 price objective (up previously from $34.00) on shares of Financial Institutions in a report on Monday, February 2nd. Wall Street Zen cut shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Zacks Research raised shares of Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Financial Institutions in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Financial Institutions currently has an average rating of “Hold” and a consensus target price of $35.33.

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.