Stieven Capital Advisors L.P. Sells 212,017 Shares of Financial Institutions, Inc. $FISI

Stieven Capital Advisors L.P. decreased its holdings in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 94.0% during the second quarter, HoldingsChannel reports. The institutional investor owned 13,483 shares of the bank’s stock after selling 212,017 shares during the period. Stieven Capital Advisors L.P.’s holdings in Financial Institutions were worth $346,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CWM LLC lifted its stake in shares of Financial Institutions by 8.1% during the 1st quarter. CWM LLC now owns 9,222 shares of the bank’s stock worth $230,000 after acquiring an additional 688 shares during the last quarter. Police & Firemen s Retirement System of New Jersey increased its stake in Financial Institutions by 29.8% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 4,805 shares of the bank’s stock worth $123,000 after purchasing an additional 1,103 shares during the period. Rhumbline Advisers lifted its position in shares of Financial Institutions by 5.0% during the first quarter. Rhumbline Advisers now owns 24,489 shares of the bank’s stock worth $611,000 after purchasing an additional 1,157 shares during the last quarter. Cutler Capital Management LLC boosted its stake in shares of Financial Institutions by 2.8% during the first quarter. Cutler Capital Management LLC now owns 47,025 shares of the bank’s stock valued at $1,174,000 after purchasing an additional 1,300 shares during the period. Finally, Corebridge Financial Inc. boosted its stake in shares of Financial Institutions by 24.2% during the first quarter. Corebridge Financial Inc. now owns 9,375 shares of the bank’s stock valued at $234,000 after purchasing an additional 1,828 shares during the period. 60.45% of the stock is currently owned by hedge funds and other institutional investors.

Financial Institutions Trading Down 0.3%

Financial Institutions stock opened at $28.50 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $573.73 million, a PE ratio of -20.80 and a beta of 0.76. The stock has a 50-day moving average of $27.74 and a two-hundred day moving average of $26.79. Financial Institutions, Inc. has a one year low of $20.97 and a one year high of $30.07.

Financial Institutions (NASDAQ:FISI) last posted its earnings results on Thursday, October 23rd. The bank reported $0.99 EPS for the quarter, topping the consensus estimate of $0.88 by $0.11. The firm had revenue of $64.87 million for the quarter, compared to analyst estimates of $60.46 million. Financial Institutions had a positive return on equity of 11.27% and a negative net margin of 2.93%. On average, research analysts anticipate that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions announced that its board has approved a share buyback plan on Monday, September 22nd that allows the company to buyback $1.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 0.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Financial Institutions Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend is Monday, December 15th. Financial Institutions’s payout ratio is -90.51%.

Wall Street Analyst Weigh In

FISI has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Financial Institutions in a report on Wednesday. Wall Street Zen raised shares of Financial Institutions from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Keefe, Bruyette & Woods boosted their price target on Financial Institutions from $34.00 to $35.00 and gave the company an “outperform” rating in a report on Monday, October 27th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $33.33.

Financial Institutions Profile

Financial Institutions, Inc operates as a holding company for the Five Star Bank, a chartered bank that provides banking and financial services to individuals, municipalities, and businesses in New York. The company provides checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts, as well as NOW accounts.