Alliancebernstein L.P. Has $6.30 Million Stock Position in Financial Institutions, Inc. (NASDAQ:FISI)

Alliancebernstein L.P. lifted its position in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 1,409.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 231,010 shares of the bank's stock after acquiring an additional 215,710 shares during the quarter. Alliancebernstein L.P. owned approximately 1.49% of Financial Institutions worth $6,304,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. R Squared Ltd purchased a new stake in shares of Financial Institutions in the fourth quarter valued at $30,000. Picton Mahoney Asset Management raised its position 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 buying an additional 374 shares during the period. SG Americas Securities LLC raised its position in Financial Institutions by 14.9% during the fourth quarter. SG Americas Securities LLC now owns 7,418 shares of the bank's stock valued at $202,000 after buying an additional 964 shares during the period. XTX Topco Ltd purchased a new stake in Financial Institutions in the 3rd quarter worth about $224,000. Finally, Proficio Capital Partners LLC acquired a new stake in Financial Institutions during the 4th 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 subject of a number of research analyst reports. StockNews.com raised shares of Financial Institutions from a "sell" rating to a "hold" rating in a research report on Tuesday, February 11th. Piper Sandler assumed coverage on shares of Financial Institutions in a research report on Friday, December 20th. They issued an "overweight" rating and a $33.00 target price for the company. Stephens restated an "equal weight" rating and set a $32.00 price target on shares of Financial Institutions in a report on Tuesday, March 11th. Finally, Keefe, Bruyette & Woods raised shares of Financial Institutions from a "market perform" rating to an "outperform" rating and upped their price target for the stock from $29.00 to $34.00 in a research note on Monday, February 3rd.

Financial Institutions Stock Down 0.5 %

NASDAQ:FISI traded down $0.11 during mid-day trading on Friday, reaching $22.35. The stock had a trading volume of 241,152 shares, compared to its average volume of 97,949. The stock has a market cap of $448.74 million, a P/E ratio of -15.41 and a beta of 0.68. The business's 50 day moving average is $25.61 and its 200 day moving average is $26.24. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.86 and a quick ratio of 0.86. Financial Institutions, Inc. has a fifty-two week low of $16.39 and a fifty-two week high of $29.79.

Financial Institutions (NASDAQ:FISI - Get Free Report) last posted its earnings results on Thursday, January 30th. The bank reported $0.54 EPS for the quarter, missing the consensus estimate 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%. As a group, sell-side analysts predict that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.

Financial Institutions Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Friday, March 14th were issued a dividend of $0.31 per share. This is a positive change from Financial Institutions's previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 5.55%. The ex-dividend date of this dividend was Friday, March 14th. Financial Institutions's dividend payout ratio (DPR) is -85.52%.

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.