ProShare Advisors LLC Decreases Stock Holdings in Financial Institutions, Inc. $FISI

ProShare Advisors LLC trimmed its holdings in Financial Institutions, Inc. (NASDAQ:FISI) by 57.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 195,512 shares of the bank’s stock after selling 264,286 shares during the quarter. ProShare Advisors LLC owned about 0.97% of Financial Institutions worth $6,094,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Larson Financial Group LLC lifted its stake in Financial Institutions by 3,150.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock worth $32,000 after purchasing an additional 1,134 shares in the last quarter. Comerica Bank lifted its stake in Financial Institutions by 39.8% in the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock worth $45,000 after purchasing an additional 469 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Financial Institutions by 679.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock worth $45,000 after purchasing an additional 1,515 shares in the last quarter. Advisory Services Network LLC purchased a new position in Financial Institutions in the 3rd quarter worth approximately $53,000. Finally, BNP Paribas Financial Markets lifted its stake in Financial Institutions by 461.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,042 shares of the bank’s stock worth $155,000 after purchasing an additional 4,966 shares in the last quarter. 60.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FISI. Weiss Ratings raised shares of Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research note on Thursday, March 12th. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Keefe, Bruyette & Woods lifted their price target on shares of Financial Institutions from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Finally, Piper Sandler reaffirmed 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. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Financial Institutions currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Financial Institutions Stock Down 0.0%

FISI stock opened at $35.36 on Friday. The firm has a market cap of $696.24 million, a PE ratio of 9.21 and a beta of 0.63. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86. The firm’s 50 day moving average price is $33.30 and its 200-day moving average price is $32.25. Financial Institutions, Inc. has a one year low of $24.41 and a one year high of $35.73.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $1.04 EPS for the quarter, beating the consensus estimate of $0.92 by $0.12. The firm had revenue of $62.67 million for the quarter, compared to analyst estimates of $62.76 million. Financial Institutions had a net margin of 20.85% and a return on equity of 13.08%. On average, equities research analysts anticipate that Financial Institutions, Inc. will post 3.96 EPS for the current year.

Financial Institutions Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th will be given a $0.32 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $1.28 dividend on an annualized basis and a yield of 3.6%. Financial Institutions’s payout ratio is presently 33.33%.

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.