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

JPMorgan Chase & Co. raised its stake in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 10.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 377,740 shares of the bank’s stock after buying an additional 34,906 shares during the period. JPMorgan Chase & Co.’s holdings in Financial Institutions were worth $10,275,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC increased its stake in shares of Financial Institutions by 3.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 11,011 shares of the bank’s stock valued at $301,000 after acquiring an additional 363 shares during the period. Palisades Investment Partners LLC increased its position in shares of Financial Institutions by 0.4% during the 3rd quarter. Palisades Investment Partners LLC now owns 137,522 shares of the bank’s stock valued at $3,780,000 after purchasing an additional 606 shares during the period. Cutler Capital Management LLC raised its stake in shares of Financial Institutions by 1.9% in the 2nd quarter. Cutler Capital Management LLC now owns 47,925 shares of the bank’s stock worth $1,231,000 after buying an additional 900 shares in the last quarter. Police & Firemen s Retirement System of New Jersey lifted its holdings in shares of Financial Institutions by 29.8% in 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 during the period. Finally, Thrivent Financial for Lutherans lifted its holdings in shares of Financial Institutions by 13.3% in the second quarter. Thrivent Financial for Lutherans now owns 10,409 shares of the bank’s stock valued at $267,000 after buying an additional 1,218 shares during the period. 60.45% of the stock is currently owned by institutional investors.

Financial Institutions Trading Down 1.6%

Shares of NASDAQ:FISI opened at $30.78 on Friday. Financial Institutions, Inc. has a 12-month low of $20.97 and a 12-month high of $35.47. The firm has a fifty day moving average of $32.61 and a two-hundred day moving average of $30.03. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $619.60 million, a P/E ratio of 8.53 and a beta of 0.68.

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

Financial Institutions Increases Dividend

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FISI. Zacks Research upgraded shares of Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Keefe, Bruyette & Woods raised their target price on shares of Financial Institutions from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Wall Street Zen upgraded Financial Institutions from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Weiss Ratings restated a “hold (c-)” rating on shares of Financial Institutions in a report on Monday, December 29th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $36.00 target price (up from $34.00) on shares of Financial Institutions in a report on Monday, February 2nd. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $35.33.

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.