Strs Ohio Makes New Investment in Financial Institutions, Inc. $FISI

Strs Ohio bought a new stake in shares of Financial Institutions, Inc. (NASDAQ:FISI) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 18,800 shares of the bank’s stock, valued at approximately $596,000. Strs Ohio owned 0.10% of Financial Institutions at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Empowered Funds LLC raised its holdings in shares of Financial Institutions by 10.6% in the fourth quarter. Empowered Funds LLC now owns 93,507 shares of the bank’s stock worth $2,915,000 after buying an additional 8,994 shares during the period. XTX Topco Ltd boosted its holdings in Financial Institutions by 182.7% during the 4th quarter. XTX Topco Ltd now owns 23,899 shares of the bank’s stock valued at $745,000 after acquiring an additional 15,444 shares during the period. Wellington Management Group LLP grew its position in Financial Institutions by 42.4% in the 4th quarter. Wellington Management Group LLP now owns 1,049,295 shares of the bank’s stock valued at $32,707,000 after acquiring an additional 312,470 shares during the last quarter. Bridgeway Capital Management LLC grew its position in Financial Institutions by 5.8% in the 4th quarter. Bridgeway Capital Management LLC now owns 163,507 shares of the bank’s stock valued at $5,097,000 after acquiring an additional 8,994 shares during the last quarter. Finally, Trexquant Investment LP increased its stake in Financial Institutions by 32.1% in the fourth quarter. Trexquant Investment LP now owns 92,246 shares of the bank’s stock worth $2,875,000 after purchasing an additional 22,391 shares during the period. Institutional investors own 60.45% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on FISI. Wall Street Zen downgraded Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “buy (b)” rating on shares of Financial Institutions in a report on Monday. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Financial Institutions Trading Up 2.9%

NASDAQ:FISI opened at $38.72 on Friday. The firm has a 50-day simple moving average of $36.67 and a 200-day simple moving average of $33.98. Financial Institutions, Inc. has a one year low of $24.62 and a one year high of $40.26. The firm has a market cap of $762.40 million, a P/E ratio of 10.08 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.

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

Financial Institutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were issued a dividend of $0.32 per share. The ex-dividend date was Friday, June 12th. This represents a $1.28 dividend on an annualized basis and a yield of 3.3%. Financial Institutions’s dividend payout ratio is currently 33.33%.

About Financial Institutions

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.