Hillsdale Investment Management Inc. Invests $7.39 Million in Financial Institutions, Inc. $FISI

Hillsdale Investment Management Inc. purchased a new stake in shares of Financial Institutions, Inc. (NASDAQ:FISI) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 233,080 shares of the bank’s stock, valued at approximately $7,391,000. Hillsdale Investment Management Inc. owned approximately 1.18% of Financial Institutions at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. AQR Capital Management LLC raised its holdings in Financial Institutions by 12.2% during the first 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Financial Institutions by 30.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank’s stock worth $283,000 after acquiring an additional 2,617 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Financial Institutions by 7.1% during the 1st quarter. Empowered Funds LLC now owns 74,841 shares of the bank’s stock worth $1,868,000 after acquiring an additional 4,979 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Financial Institutions during the 1st quarter valued at about $375,000. Finally, Creative Planning increased its holdings in shares of Financial Institutions by 28.7% during the 2nd quarter. Creative Planning now owns 17,072 shares of the bank’s stock valued at $438,000 after acquiring an additional 3,809 shares during the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Financial Institutions in a research report on Monday, July 6th. Wall Street Zen lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Financial Institutions Stock Performance

FISI opened at $38.75 on Tuesday. The firm has a market capitalization of $762.99 million, a P/E ratio of 10.09 and a beta of 0.63. The stock’s 50 day moving average price is $36.86 and its two-hundred day moving average price is $34.07. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13. Financial Institutions, Inc. has a 12-month low of $24.62 and a 12-month high of $40.26.

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

Financial Institutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.3%. The ex-dividend date was Friday, June 12th. Financial Institutions’s dividend payout ratio (DPR) is currently 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.