Financial Institutions, Inc. $FISI Shares Sold by Courier Capital LLC

Courier Capital LLC cut its stake in Financial Institutions, Inc. (NASDAQ:FISI) by 47.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 133,008 shares of the bank’s stock after selling 119,515 shares during the period. Courier Capital LLC owned about 0.66% of Financial Institutions worth $3,618,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of FISI. EverSource Wealth Advisors LLC boosted its stake in shares of Financial Institutions by 679.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after buying an additional 1,515 shares during the period. Allworth Financial LP raised its holdings in Financial Institutions by 925.2% in the second quarter. Allworth Financial LP now owns 2,850 shares of the bank’s stock valued at $73,000 after acquiring an additional 2,572 shares in the last quarter. Police & Firemen s Retirement System of New Jersey lifted its stake in 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 worth $123,000 after acquiring an additional 1,103 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Financial Institutions by 461.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,042 shares of the bank’s stock worth $155,000 after acquiring an additional 4,966 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Financial Institutions by 33.3% in the 2nd quarter. SG Americas Securities LLC now owns 8,262 shares of the bank’s stock valued at $212,000 after purchasing an additional 2,063 shares during the last quarter. Hedge funds and other institutional investors own 60.45% of the company’s stock.

Financial Institutions Stock Down 0.1%

FISI opened at $32.19 on Monday. The business’s 50-day simple moving average is $31.04 and its 200-day simple moving average is $28.42. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.87 and a current ratio of 0.87. Financial Institutions, Inc. has a one year low of $20.97 and a one year high of $33.00. The stock has a market capitalization of $647.98 million, a P/E ratio of -23.50 and a beta of 0.70.

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

Financial Institutions declared that its board has approved a share repurchase plan on Monday, September 22nd that allows the company to repurchase $1.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 0.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Financial Institutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Monday, December 15th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Monday, December 15th. Financial Institutions’s payout ratio is presently -90.51%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on FISI shares. Zacks Research raised shares of Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. Piper Sandler restated a “neutral” rating and issued a $34.00 price target on shares of Financial Institutions in a research note on Wednesday, December 17th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Financial Institutions in a research report on Monday, December 29th. Keefe, Bruyette & Woods raised their target price on Financial Institutions from $34.00 to $35.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Finally, Wall Street Zen upgraded Financial Institutions from a “hold” rating to a “buy” rating in a research note on Sunday, December 28th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $33.67.

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.