Renaissance Technologies LLC Sells 68,369 Shares of Financial Institutions, Inc. $FISI

Renaissance Technologies LLC lowered its stake in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 25.2% during the 1st quarter, Holdings Channel.com reports. The firm owned 202,931 shares of the bank’s stock after selling 68,369 shares during the quarter. Renaissance Technologies LLC’s holdings in Financial Institutions were worth $6,435,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP grew its stake in shares of Financial Institutions by 42.4% in the 4th quarter. Wellington Management Group LLP now owns 1,049,295 shares of the bank’s stock valued at $32,707,000 after buying an additional 312,470 shares during the period. Hillsdale Investment Management Inc. acquired a new position in Financial Institutions during the 1st quarter worth approximately $7,391,000. Adage Capital Partners GP L.L.C. raised its stake in Financial Institutions by 19.8% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 972,043 shares of the bank’s stock worth $30,299,000 after buying an additional 160,825 shares during the period. Millennium Management LLC boosted its holdings in Financial Institutions by 102.9% in the third quarter. Millennium Management LLC now owns 184,618 shares of the bank’s stock worth $5,022,000 after acquiring an additional 93,626 shares in the last quarter. Finally, Two Sigma Investments LP boosted its holdings in Financial Institutions by 99.9% in the third quarter. Two Sigma Investments LP now owns 175,427 shares of the bank’s stock worth $4,772,000 after acquiring an additional 87,653 shares in the last quarter. Institutional investors own 60.45% of the company’s stock.

Wall Street Analysts Forecast Growth

FISI has been the subject of several recent research reports. Piper Sandler restated a “neutral” rating and set a $45.00 price objective (up from $38.00) on shares of Financial Institutions in a report on Monday. Weiss Ratings reiterated a “buy (b)” rating on shares of Financial Institutions in a report on Monday, July 6th. Keefe, Bruyette & Woods lifted their price target on shares of Financial Institutions from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Finally, Wall Street Zen downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.00.

Financial Institutions Price Performance

FISI opened at $42.70 on Wednesday. Financial Institutions, Inc. has a 1 year low of $24.62 and a 1 year high of $42.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $840.76 million, a price-to-earnings ratio of 10.60 and a beta of 0.63. The firm’s fifty day moving average price is $38.62 and its two-hundred day moving average price is $35.08.

Financial Institutions (NASDAQ:FISI) last announced its earnings results on Thursday, July 23rd. The bank reported $1.04 EPS for the quarter, beating the consensus estimate of $0.93 by $0.11. Financial Institutions had a net margin of 21.78% and a return on equity of 13.54%. The company had revenue of $64.31 million during the quarter, compared to the consensus estimate of $63.54 million. As a group, analysts anticipate that Financial Institutions, Inc. will post 4.21 earnings per share for the current fiscal year.

Financial Institutions Dividend Announcement

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

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.