ProShare Advisors LLC Takes Position in Financial Institutions, Inc. $FISI

ProShare Advisors LLC bought a new stake in Financial Institutions, Inc. (NASDAQ:FISI) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 236,320 shares of the bank’s stock, valued at approximately $6,069,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Jump Financial LLC acquired a new position in Financial Institutions in the 1st quarter valued at approximately $205,000. CWM LLC grew its holdings in shares of Financial Institutions by 8.1% during the 1st quarter. CWM LLC now owns 9,222 shares of the bank’s stock worth $230,000 after purchasing an additional 688 shares in the last quarter. Corebridge Financial Inc. increased its position in shares of Financial Institutions by 24.2% during the first quarter. Corebridge Financial Inc. now owns 9,375 shares of the bank’s stock valued at $234,000 after purchasing an additional 1,828 shares during the period. MetLife Investment Management LLC raised its stake in shares of Financial Institutions by 31.9% in the first quarter. MetLife Investment Management LLC now owns 11,085 shares of the bank’s stock valued at $277,000 after purchasing an additional 2,680 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Financial Institutions by 30.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank’s stock valued at $283,000 after purchasing an additional 2,617 shares in the last quarter. 60.45% of the stock is owned by institutional investors and hedge funds.

Financial Institutions Stock Down 0.4%

Shares of NASDAQ:FISI opened at $29.47 on Friday. The company’s fifty day moving average is $27.62 and its 200-day moving average is $26.68. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.87 and a current ratio of 0.87. Financial Institutions, Inc. has a 52 week low of $20.97 and a 52 week high of $30.07. The company has a market capitalization of $593.26 million, a PE ratio of -21.51 and a beta of 0.76.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings results on Thursday, October 23rd. The bank reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.11. The firm had revenue of $64.87 million during the quarter, compared to the consensus estimate of $60.46 million. Financial Institutions had a negative net margin of 2.93% and a positive return on equity of 11.27%. Equities research analysts predict that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions announced that its board has authorized a share buyback plan on Monday, September 22nd that allows the company to buyback $1.00 million in shares. This buyback authorization allows the bank to repurchase up to 0.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Financial Institutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 2nd. Investors of record on Monday, September 15th were given a dividend of $0.31 per share. The ex-dividend date was Monday, September 15th. This represents a $1.24 dividend on an annualized basis and a yield of 4.2%. Financial Institutions’s dividend payout ratio is -90.51%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Financial Institutions from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, November 7th. Keefe, Bruyette & Woods raised their price objective on shares of Financial Institutions from $34.00 to $35.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Finally, Wall Street Zen raised shares of Financial Institutions from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $33.33.

Financial Institutions Company Profile

Financial Institutions, Inc operates as a holding company for the Five Star Bank, a chartered bank that provides banking and financial services to individuals, municipalities, and businesses in New York. The company provides checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts, as well as NOW accounts.