Financial Institutions, Inc. (NASDAQ:FISI) Position Trimmed by Modern Wealth Management LLC

Modern Wealth Management LLC lowered its stake in Financial Institutions, Inc. (NASDAQ:FISI) by 1.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 191,766 shares of the bank’s stock after selling 3,000 shares during the period. Modern Wealth Management LLC owned approximately 1.24% of Financial Institutions worth $5,366,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. R Squared Ltd acquired a new stake in shares of Financial Institutions during the fourth quarter worth $30,000. Picton Mahoney Asset Management increased its stake in Financial Institutions by 45.5% in the 4th quarter. Picton Mahoney Asset Management now owns 1,196 shares of the bank’s stock worth $32,000 after purchasing an additional 374 shares in the last quarter. SG Americas Securities LLC raised its holdings in Financial Institutions by 14.9% during the 4th quarter. SG Americas Securities LLC now owns 7,418 shares of the bank’s stock worth $202,000 after buying an additional 964 shares during the period. XTX Topco Ltd purchased a new stake in Financial Institutions during the third quarter valued at about $224,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of Financial Institutions in the fourth quarter worth about $318,000. Institutional investors and hedge funds own 60.45% of the company’s stock.

Analysts Set New Price Targets

FISI has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of Financial Institutions from a “sell” rating to a “hold” rating in a report on Tuesday, February 11th. Piper Sandler assumed coverage on shares of Financial Institutions in a research note on Friday, December 20th. They set an “overweight” rating and a $33.00 target price on the stock. Stephens reaffirmed an “equal weight” rating and issued a $32.00 target price on shares of Financial Institutions in a research report on Tuesday, March 11th. Finally, Keefe, Bruyette & Woods raised Financial Institutions from a “market perform” rating to an “outperform” rating and upped their price target for the company from $29.00 to $34.00 in a research report on Monday, February 3rd.

Financial Institutions Stock Up 3.7 %

Financial Institutions stock opened at $26.31 on Tuesday. Financial Institutions, Inc. has a twelve month low of $16.29 and a twelve month high of $29.79. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $528.25 million, a PE ratio of -18.14 and a beta of 0.86. The firm’s 50 day moving average price is $27.29 and its two-hundred day moving average price is $26.57.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings results on Thursday, January 30th. The bank reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.20). Financial Institutions had a positive return on equity of 11.12% and a negative net margin of 6.69%. On average, research analysts predict that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 14th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 4.71%. This is a positive change from Financial Institutions’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, March 14th. Financial Institutions’s payout ratio is currently -85.52%.

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.