Financial Institutions, Inc. $FISI Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its stake in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 10.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 377,740 shares of the bank’s stock after acquiring an additional 34,906 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.88% of Financial Institutions worth $10,275,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its stake in shares of 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 in the last quarter. Allworth Financial LP increased its holdings in Financial Institutions by 925.2% in the second quarter. Allworth Financial LP now owns 2,850 shares of the bank’s stock valued at $73,000 after buying an additional 2,572 shares during the last quarter. Police & Firemen s Retirement System of New Jersey raised its stake in Financial Institutions by 29.8% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 4,805 shares of the bank’s stock valued at $123,000 after buying an additional 1,103 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in Financial Institutions by 461.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,042 shares of the bank’s stock worth $155,000 after buying an additional 4,966 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Financial Institutions by 33.3% in the 2nd quarter. SG Americas Securities LLC now owns 8,262 shares of the bank’s stock worth $212,000 after acquiring an additional 2,063 shares in the last quarter. 60.45% of the stock is owned by institutional investors and hedge funds.

Financial Institutions Price Performance

Shares of NASDAQ FISI opened at $30.78 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $619.60 million, a PE ratio of 8.53 and a beta of 0.68. Financial Institutions, Inc. has a 1-year low of $20.97 and a 1-year high of $35.47. The business’s fifty day moving average price is $32.61 and its two-hundred day moving average price is $30.03.

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

Financial Institutions Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 2nd. Shareholders of record on Friday, March 13th will be given a $0.32 dividend. This is a positive change from Financial Institutions’s previous quarterly dividend of $0.31. The ex-dividend date is Friday, March 13th. This represents a $1.28 annualized dividend and a yield of 4.2%. Financial Institutions’s payout ratio is currently 34.35%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FISI shares. Piper Sandler reissued a “neutral” rating and set a $36.00 price target (up from $34.00) on shares of Financial Institutions in a research report on Monday, February 2nd. Keefe, Bruyette & Woods raised 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. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Financial Institutions in a report on Monday, December 29th. Zacks Research raised shares of Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Finally, Wall Street Zen upgraded shares of Financial Institutions from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target 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.