Commonwealth Equity Services LLC Sells 83,736 Shares of Financial Institutions, Inc. $FISI

Commonwealth Equity Services LLC lowered its stake in Financial Institutions, Inc. (NASDAQ:FISI) by 20.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 334,286 shares of the bank’s stock after selling 83,736 shares during the period. Commonwealth Equity Services LLC owned 1.66% of Financial Institutions worth $9,093,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. AQR Capital Management LLC increased its stake in shares of Financial Institutions by 12.2% in the 1st quarter. AQR Capital Management LLC now owns 97,206 shares of the bank’s stock valued at $2,426,000 after buying an additional 10,590 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in 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 acquiring an additional 2,617 shares during the last quarter. Empowered Funds LLC increased its position in Financial Institutions by 7.1% in the first quarter. Empowered Funds LLC now owns 74,841 shares of the bank’s stock worth $1,868,000 after purchasing an additional 4,979 shares during the period. Jane Street Group LLC bought a new stake in Financial Institutions during the 1st quarter worth about $375,000. Finally, Rhumbline Advisers raised its holdings in Financial Institutions by 5.0% during the 1st quarter. Rhumbline Advisers now owns 24,489 shares of the bank’s stock worth $611,000 after purchasing an additional 1,157 shares during the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.

Financial Institutions Price Performance

Shares of FISI stock opened at $31.18 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.19. Financial Institutions, Inc. has a 12-month low of $20.97 and a 12-month high of $33.00. The firm has a fifty day moving average of $30.82 and a 200-day moving average of $28.26. The firm has a market capitalization of $627.65 million, a price-to-earnings ratio of -22.76 and a beta of 0.70.

Financial Institutions (NASDAQ:FISI) last posted its earnings results on Monday, November 3rd. The bank reported $0.99 earnings per share for the quarter. Financial Institutions had a positive return on equity of 11.10% and a negative net margin of 2.93%.The firm had revenue of $63.85 million for the quarter. On average, equities research analysts forecast that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.

Financial Institutions declared that its board has authorized a stock buyback plan on Monday, September 22nd that authorizes the company to repurchase $1.00 million in shares. This repurchase authorization authorizes the bank to buy up to 0.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Financial Institutions Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were given a $0.31 dividend. The ex-dividend date was Monday, December 15th. This represents a $1.24 annualized dividend and a dividend yield of 4.0%. Financial Institutions’s payout ratio is currently -90.51%.

Wall Street Analysts Forecast Growth

FISI has been the subject of several analyst reports. Wall Street Zen upgraded shares of Financial Institutions from a “hold” rating to a “buy” rating in a research report on Sunday, December 28th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Financial Institutions in a research note on Monday, December 29th. Keefe, Bruyette & Woods upped their target price on shares of Financial Institutions from $34.00 to $35.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Zacks Research upgraded Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $34.00 price objective on shares of Financial Institutions in a research note on Wednesday, December 17th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Financial Institutions presently has a consensus rating of “Hold” and a consensus target price of $33.67.

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.