Bank of America Corp DE Purchases 7,306 Shares of Financial Institutions, Inc. (NASDAQ:FISI)

Bank of America Corp DE increased its position in Financial Institutions, Inc. (NASDAQ:FISI) by 36.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,123 shares of the bank’s stock after acquiring an additional 7,306 shares during the period. Bank of America Corp DE owned about 0.18% of Financial Institutions worth $740,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Picton Mahoney Asset Management grew its holdings in Financial Institutions by 45.5% during the fourth quarter. Picton Mahoney Asset Management now owns 1,196 shares of the bank’s stock valued at $32,000 after purchasing an additional 374 shares during the period. Aster Capital Management DIFC Ltd bought a new position in shares of Financial Institutions during the 4th quarter valued at approximately $87,000. Wells Fargo & Company MN increased its holdings in Financial Institutions by 14.3% in the 4th quarter. Wells Fargo & Company MN now owns 9,130 shares of the bank’s stock worth $249,000 after acquiring an additional 1,141 shares in the last quarter. Gator Capital Management LLC bought a new stake in Financial Institutions during the 4th quarter worth approximately $273,000. Finally, Proficio Capital Partners LLC purchased a new position in Financial Institutions during the fourth quarter valued at approximately $318,000. Hedge funds and other institutional investors own 60.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Stephens restated an “equal weight” rating and set a $32.00 price objective on shares of Financial Institutions in a research report on Tuesday, March 11th. Wall Street Zen upgraded Financial Institutions from a “hold” rating to a “buy” rating in a research report on Friday.

Financial Institutions Trading Up 2.5%

Financial Institutions stock opened at $25.80 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.86 and a quick ratio of 0.86. The firm’s 50 day moving average price is $24.67 and its 200-day moving average price is $26.25. Financial Institutions, Inc. has a 1 year low of $16.81 and a 1 year high of $29.79. The stock has a market cap of $518.84 million, a P/E ratio of -17.79 and a beta of 0.72.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings results on Monday, April 28th. The bank reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.07. Financial Institutions had a positive return on equity of 11.12% and a negative net margin of 6.69%. The company had revenue of $57.24 million during the quarter, compared to analyst estimates of $57.14 million. On average, equities analysts predict that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 2nd. Investors of record on Friday, June 13th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date of this dividend is Friday, June 13th. Financial Institutions’s dividend payout ratio (DPR) is presently -165.33%.

Financial Institutions Company 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.