Canandaigua National Bank & Trust Co. Purchases Shares of 154,106 Financial Institutions, Inc. $FISI

Canandaigua National Bank & Trust Co. acquired a new position in shares of Financial Institutions, Inc. (NASDAQ:FISI) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 154,106 shares of the bank’s stock, valued at approximately $6,006,000.

Several other institutional investors and hedge funds also recently made changes to their positions in FISI. Larson Financial Group LLC increased its stake in shares of Financial Institutions by 3,150.0% during the third quarter. Larson Financial Group LLC now owns 1,170 shares of the bank’s stock worth $32,000 after purchasing an additional 1,134 shares during the period. Royal Bank of Canada grew its holdings in Financial Institutions by 31.6% in the 1st quarter. Royal Bank of Canada now owns 1,290 shares of the bank’s stock valued at $40,000 after buying an additional 310 shares in the last quarter. Comerica Bank increased its position in 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 buying an additional 469 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Financial Institutions by 679.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock worth $45,000 after buying an additional 1,515 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in shares of Financial Institutions by 44.8% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank’s stock worth $50,000 after buying an additional 497 shares in the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.

Financial Institutions Stock Performance

FISI opened at $42.70 on Wednesday. The firm has a market cap of $840.76 million, a P/E ratio of 10.60 and a beta of 0.63. Financial Institutions, Inc. has a 52-week low of $24.62 and a 52-week high of $42.97. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86. The business’s fifty day moving average is $38.62 and its 200-day moving average is $35.08.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. Financial Institutions had a return on equity of 13.54% and a net margin of 21.78%.The business had revenue of $64.31 million during the quarter, compared to the consensus estimate of $63.54 million. Sell-side analysts expect that Financial Institutions, Inc. will post 4.21 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, June 12th. Financial Institutions’s dividend payout ratio is 31.76%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FISI shares. Wall Street Zen downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Piper Sandler reiterated a “neutral” rating and issued a $45.00 price objective (up from $38.00) on shares of Financial Institutions in a research note on Monday. Keefe, Bruyette & Woods boosted their price objective on shares of Financial Institutions from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Financial Institutions in a research report on Monday, July 6th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $45.00.

Financial Institutions Company 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.