First Trust Advisors LP Boosts Stake in Financial Institutions, Inc. (FISI)
First Trust Advisors LP grew its holdings in Financial Institutions, Inc. (NASDAQ:FISI) by 19.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 47,225 shares of the bank’s stock after purchasing an additional 7,621 shares during the period. First Trust Advisors LP owned approximately 0.30% of Financial Institutions worth $1,483,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. First Quadrant L P CA bought a new stake in shares of Financial Institutions in the third quarter valued at approximately $466,000. Bank of Montreal Can raised its position in shares of Financial Institutions by 29.7% in the third quarter. Bank of Montreal Can now owns 38,823 shares of the bank’s stock valued at $1,218,000 after purchasing an additional 8,901 shares during the period. United Services Automobile Association raised its position in shares of Financial Institutions by 63.2% in the second quarter. United Services Automobile Association now owns 53,441 shares of the bank’s stock valued at $1,758,000 after purchasing an additional 20,700 shares during the period. Northern Trust Corp raised its position in shares of Financial Institutions by 4.6% in the second quarter. Northern Trust Corp now owns 304,931 shares of the bank’s stock valued at $10,033,000 after purchasing an additional 13,316 shares during the period. Finally, California Public Employees Retirement System raised its position in shares of Financial Institutions by 4.2% in the second quarter. California Public Employees Retirement System now owns 51,771 shares of the bank’s stock valued at $1,703,000 after purchasing an additional 2,072 shares during the period. 71.18% of the stock is currently owned by institutional investors.
Several analysts have recently issued reports on FISI shares. BidaskClub raised shares of Financial Institutions from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 13th. Zacks Investment Research lowered shares of Financial Institutions from a “hold” rating to a “sell” rating in a report on Wednesday, October 17th. Finally, ValuEngine lowered shares of Financial Institutions from a “hold” rating to a “sell” rating in a report on Thursday, October 18th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $34.67.
Financial Institutions stock opened at $27.56 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $443.03 million, a P/E ratio of 11.40 and a beta of 0.91. Financial Institutions, Inc. has a 1-year low of $26.48 and a 1-year high of $34.35.
Financial Institutions (NASDAQ:FISI) last posted its earnings results on Thursday, October 25th. The bank reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.05. The business had revenue of $40.72 million for the quarter, compared to analyst estimates of $39.20 million. Financial Institutions had a net margin of 23.61% and a return on equity of 10.93%. Research analysts expect that Financial Institutions, Inc. will post 2.57 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Thursday, December 13th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date is Wednesday, December 12th. Financial Institutions’s dividend payout ratio (DPR) is presently 49.48%.
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Financial Institutions Company Profile
Financial Institutions, Inc operates as the holding company for Five Star Bank that provides banking and financial services to individuals, municipalities, and businesses. It operates in two segments, Banking and Non-Banking. The company offers checking and savings account programs, including money market accounts, certificates of deposit, and sweep investments, as well as individual retirement and other qualified plan accounts.
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