Canandaigua National Bank & Trust Co. Has $4.89 Million Position in Financial Institutions, Inc. $FISI

Canandaigua National Bank & Trust Co. lessened its holdings in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 35.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 179,723 shares of the bank’s stock after selling 100,107 shares during the quarter. Canandaigua National Bank & Trust Co. owned approximately 0.89% of Financial Institutions worth $4,888,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Cutler Capital Management LLC increased its stake in shares of Financial Institutions by 1.9% during the 2nd quarter. Cutler Capital Management LLC now owns 47,925 shares of the bank’s stock worth $1,231,000 after purchasing an additional 900 shares during the last quarter. Police & Firemen s Retirement System of New Jersey boosted its holdings 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 in the last quarter. Rhumbline Advisers increased its position in 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 buying an additional 1,157 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in Financial Institutions by 13.3% during the second quarter. Thrivent Financial for Lutherans now owns 10,409 shares of the bank’s stock valued at $267,000 after buying an additional 1,218 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Financial Institutions by 679.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank’s stock valued at $45,000 after buying an additional 1,515 shares in the last quarter. 60.45% of the stock is owned by institutional investors.

Financial Institutions Price Performance

Financial Institutions stock opened at $32.27 on Wednesday. Financial Institutions, Inc. has a 12-month low of $20.97 and a 12-month high of $33.00. The business’s 50-day simple moving average is $29.23 and its 200 day simple moving average is $27.42. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.19. The stock has a market cap of $649.60 million, a price-to-earnings ratio of -23.55 and a beta of 0.72.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Monday, November 3rd. The bank reported $0.99 EPS for the quarter. Financial Institutions had a positive return on equity of 11.10% and a negative net margin of 2.93%.The business had revenue of $63.85 million during the quarter. As a group, research analysts anticipate that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.

Financial Institutions announced that its Board of Directors has approved a share buyback program on Monday, September 22nd that allows the company to repurchase $1.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 0.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Financial Institutions Announces Dividend

The company 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 $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Monday, December 15th. Financial Institutions’s payout ratio is -90.51%.

Analyst Upgrades and Downgrades

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

About Financial Institutions

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.