Financial Institutions, Inc. $FISI Position Increased by Bayview Asset Management LLC

Bayview Asset Management LLC boosted its holdings in Financial Institutions, Inc. (NASDAQ:FISI) by 9.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 87,584 shares of the bank’s stock after purchasing an additional 7,499 shares during the period. Financial Institutions comprises 0.9% of Bayview Asset Management LLC’s portfolio, making the stock its 5th largest position. Bayview Asset Management LLC owned 0.44% of Financial Institutions worth $2,249,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the business. Police & Firemen s Retirement System of New Jersey raised its position in shares of Financial Institutions by 29.8% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 4,805 shares of the bank’s stock valued at $123,000 after purchasing an additional 1,103 shares in the last quarter. Rhumbline Advisers raised its holdings in Financial Institutions by 5.0% in the first quarter. Rhumbline Advisers now owns 24,489 shares of the bank’s stock valued at $611,000 after acquiring an additional 1,157 shares in the last quarter. Cutler Capital Management LLC boosted its stake in Financial Institutions by 2.8% during the 1st quarter. Cutler Capital Management LLC now owns 47,025 shares of the bank’s stock valued at $1,174,000 after acquiring an additional 1,300 shares during the last quarter. Corebridge Financial Inc. boosted its stake in Financial Institutions by 24.2% during the 1st quarter. Corebridge Financial Inc. now owns 9,375 shares of the bank’s stock valued at $234,000 after acquiring an additional 1,828 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in Financial Institutions by 33.3% during the 2nd quarter. SG Americas Securities LLC now owns 8,262 shares of the bank’s stock worth $212,000 after acquiring an additional 2,063 shares in the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.

Financial Institutions Stock Up 0.1%

Financial Institutions stock opened at $30.62 on Monday. The company has a 50-day simple moving average of $28.16 and a 200-day simple moving average of $26.96. The firm has a market capitalization of $616.31 million, a P/E ratio of -22.35 and a beta of 0.76. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.87 and a current ratio of 0.87. Financial Institutions, Inc. has a one year low of $20.97 and a one year high of $30.91.

Financial Institutions (NASDAQ:FISI) last issued its quarterly earnings data on Thursday, October 23rd. The bank reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.11. The firm had revenue of $64.87 million for the quarter, compared to the consensus estimate of $60.46 million. Financial Institutions had a negative net margin of 2.93% and a positive return on equity of 11.27%. As a group, equities analysts expect that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.

Financial Institutions Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, December 15th. Financial Institutions’s payout ratio is -90.51%.

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FISI shares. Wall Street Zen upgraded shares of Financial Institutions from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Keefe, Bruyette & Woods upped their price objective on Financial Institutions from $34.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Financial Institutions in a report on Tuesday, November 25th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to 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.