Rhumbline Advisers Purchases 1,157 Shares of Financial Institutions, Inc. $FISI

Rhumbline Advisers grew its position in Financial Institutions, Inc. (NASDAQ:FISI) by 5.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,489 shares of the bank’s stock after acquiring an additional 1,157 shares during the quarter. Rhumbline Advisers owned 0.12% of Financial Institutions worth $611,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Jump Financial LLC bought a new stake in Financial Institutions in the 1st quarter worth approximately $205,000. CWM LLC increased its stake in Financial Institutions by 8.1% in 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. Corebridge Financial Inc. increased its stake in Financial Institutions by 24.2% in the 1st quarter. Corebridge Financial Inc. now owns 9,375 shares of the bank’s stock worth $234,000 after acquiring an additional 1,828 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Financial Institutions by 4.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,716 shares of the bank’s stock worth $238,000 after acquiring an additional 380 shares during the last quarter. Finally, MetLife Investment Management LLC increased its stake in Financial Institutions by 31.9% in the 1st quarter. MetLife Investment Management LLC now owns 11,085 shares of the bank’s stock worth $277,000 after acquiring an additional 2,680 shares during the last quarter. Institutional investors own 60.45% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Financial Institutions presently has a consensus rating of “Moderate Buy” and an average target price of $33.00.

Financial Institutions Price Performance

Shares of FISI stock opened at $26.70 on Tuesday. Financial Institutions, Inc. has a twelve month low of $20.97 and a twelve month high of $29.78. The stock has a market capitalization of $537.47 million, a price-to-earnings ratio of -17.57 and a beta of 0.74. The stock has a fifty day simple moving average of $26.55 and a two-hundred day simple moving average of $25.70. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.20.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, July 24th. The bank reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.07. Financial Institutions had a positive return on equity of 10.44% and a negative net margin of 4.96%.The business had revenue of $59.74 million during the quarter, compared to analysts’ expectations of $59.86 million. On average, analysts predict that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions announced that its Board of Directors has authorized a stock buyback program on Monday, September 22nd that permits the company to repurchase $1.00 million in shares. This repurchase authorization permits the bank to purchase up to 0.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Financial Institutions Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Shareholders of record on Monday, September 15th will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Monday, September 15th. Financial Institutions’s dividend payout ratio is currently -81.58%.

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.