AlphaQuest LLC Takes $444,000 Position in Financial Institutions, Inc. $FISI

AlphaQuest LLC acquired a new position in Financial Institutions, Inc. (NASDAQ:FISI) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 16,335 shares of the bank’s stock, valued at approximately $444,000. AlphaQuest LLC owned about 0.08% of Financial Institutions as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. PL Capital Advisors LLC lifted its holdings in Financial Institutions by 8.0% during the 2nd quarter. PL Capital Advisors LLC now owns 1,361,510 shares of the bank’s stock worth $34,964,000 after buying an additional 100,500 shares during the period. Fourthstone LLC raised its position in shares of Financial Institutions by 54.8% during the second quarter. Fourthstone LLC now owns 846,661 shares of the bank’s stock worth $21,742,000 after acquiring an additional 299,574 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in shares of Financial Institutions by 0.5% in the second quarter. Adage Capital Partners GP L.L.C. now owns 778,821 shares of the bank’s stock worth $20,000,000 after acquiring an additional 3,650 shares during the period. Geode Capital Management LLC lifted its stake in shares of Financial Institutions by 6.2% in the second quarter. Geode Capital Management LLC now owns 477,865 shares of the bank’s stock worth $12,274,000 after acquiring an additional 27,770 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in 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. 60.45% of the stock is currently owned by institutional investors and hedge funds.

Financial Institutions Price Performance

Shares of NASDAQ FISI opened at $35.14 on Friday. The firm has a market capitalization of $707.37 million, a P/E ratio of 9.73 and a beta of 0.70. The firm’s 50-day moving average price is $32.12 and its 200-day moving average price is $29.02. 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, Inc. has a 1-year low of $20.97 and a 1-year high of $35.47.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, January 29th. The bank reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. Financial Institutions had a return on equity of 12.75% and a net margin of 19.81%.The business had revenue of $64.12 million during the quarter, compared to analyst estimates of $62.99 million. Equities research analysts anticipate that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Monday, December 15th. Financial Institutions’s dividend payout ratio (DPR) is currently 34.35%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Financial Institutions from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Piper Sandler restated a “neutral” rating and issued a $36.00 target price (up previously from $34.00) on shares of Financial Institutions in a report on Monday. Weiss Ratings reiterated a “hold (c-)” rating on shares of Financial Institutions in a report on Monday, December 29th. Wall Street Zen lowered Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, Zacks Research upgraded Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus 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.