Picture periodical found in empty institute (5)
I believe the answer is:
image
'picture' is the definition.
('image' can be a synonym of 'picture')
'periodical found in empty institute' is the wordplay.
'periodical' becomes 'mag' (abbreviation for magazine).
'found in' indicates putting letters inside.
'empty' means to remove the middle letters.
'institute' with its middle removed is 'ie'.
'mag' placed inside 'ie' is 'IMAGE'.
(Other definitions for image that I've seen before include "Metaphor; figure" , "Pictorial representation" , "Copy" , "Presentation" , "Simile, metaphor" .)