Municipal Employees Retirement System of Michigan Invests $586,000 in Financial Institutions, Inc. (NASDAQ:FISI)

Municipal Employees Retirement System of Michigan purchased a new stake in shares of Financial Institutions, Inc. (NASDAQ:FISI) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 22,790 shares of the bank’s stock, valued at approximately $586,000. Municipal Employees Retirement System of Michigan owned about 0.14% of Financial Institutions at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. First Trust Advisors LP lifted its holdings in shares of Financial Institutions by 19.2% during the 3rd quarter. First Trust Advisors LP now owns 47,225 shares of the bank’s stock valued at $1,483,000 after buying an additional 7,621 shares during the period. Martingale Asset Management L P lifted its holdings in shares of Financial Institutions by 131.6% during the 3rd quarter. Martingale Asset Management L P now owns 93,841 shares of the bank’s stock valued at $2,947,000 after buying an additional 53,330 shares during the period. BlackRock Inc. lifted its holdings in shares of Financial Institutions by 2.2% during the 3rd quarter. BlackRock Inc. now owns 1,225,905 shares of the bank’s stock valued at $38,495,000 after buying an additional 26,922 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Financial Institutions by 4.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,307,185 shares of the bank’s stock valued at $41,046,000 after buying an additional 61,163 shares during the period. Finally, Royce & Associates LP lifted its holdings in shares of Financial Institutions by 42,190.7% during the 3rd quarter. Royce & Associates LP now owns 214,837 shares of the bank’s stock valued at $6,746,000 after buying an additional 214,329 shares during the period. 70.04% of the stock is owned by institutional investors and hedge funds.

FISI has been the topic of a number of recent research reports. Zacks Investment Research raised Financial Institutions from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a report on Wednesday, February 6th. ValuEngine raised Financial Institutions from a “sell” rating to a “hold” rating in a report on Friday, January 4th. Finally, BidaskClub raised Financial Institutions from a “sell” rating to a “hold” rating in a report on Wednesday, February 20th.

NASDAQ:FISI traded up $0.32 on Friday, reaching $27.78. 16,949 shares of the company’s stock traded hands, compared to its average volume of 35,722. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10. The stock has a market cap of $437.41 million, a PE ratio of 10.81 and a beta of 0.90. Financial Institutions, Inc. has a 12 month low of $24.49 and a 12 month high of $34.35.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings results on Thursday, January 31st. The bank reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.05. The business had revenue of $41.38 million for the quarter, compared to analysts’ expectations of $40.40 million. Financial Institutions had a return on equity of 11.41% and a net margin of 20.89%. Sell-side analysts anticipate that Financial Institutions, Inc. will post 2.62 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 2nd. Shareholders of record on Friday, March 15th were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, March 14th. This is a boost from Financial Institutions’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 3.60%. Financial Institutions’s dividend payout ratio (DPR) is currently 38.91%.

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Financial Institutions Company Profile

Financial Institutions, Inc provides banking solutions. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. The company's deposits include jumbo deposits and retail time deposits. The company provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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Institutional Ownership by Quarter for Financial Institutions (NASDAQ:FISI)

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