Strs Ohio Acquires New Holdings in Financial Institutions, Inc. $FISI

Strs Ohio bought a new stake in Financial Institutions, Inc. (NASDAQ:FISI) during the 1st quarter, Holdings Channel.com reports. The fund bought 18,800 shares of the bank’s stock, valued at approximately $596,000.

Other large investors have also added to or reduced their stakes in the company. Larson Financial Group LLC boosted its holdings in shares of Financial Institutions by 3,150.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock valued at $32,000 after buying an additional 1,134 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Financial Institutions by 679.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock worth $45,000 after acquiring an additional 1,515 shares in the last quarter. Comerica Bank raised its stake in shares of Financial Institutions by 39.8% during the 3rd quarter. Comerica Bank now owns 1,647 shares of the bank’s stock worth $45,000 after acquiring an additional 469 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Financial Institutions by 44.8% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock worth $50,000 after acquiring an additional 497 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Financial Institutions during the third quarter valued at approximately $53,000. 60.45% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Financial Institutions Trading Up 2.9%

Shares of NASDAQ:FISI opened at $38.72 on Friday. 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 52-week low of $24.62 and a 52-week high of $40.26. The stock has a market cap of $762.40 million, a price-to-earnings ratio of 10.08 and a beta of 0.63. The business has a 50-day moving average price of $36.67 and a 200-day moving average price of $33.98.

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

Financial Institutions Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Friday, June 12th. Financial Institutions’s dividend payout ratio is 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.