Banc Funds Co. LLC Takes $2.84 Million Position in Financial Institutions, Inc. (NASDAQ:FISI)

Banc Funds Co. LLC purchased a new stake in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 104,000 shares of the bank's stock, valued at approximately $2,838,000. Banc Funds Co. LLC owned 0.67% of Financial Institutions as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in Financial Institutions by 6.5% in the 3rd quarter. State Street Corp now owns 283,707 shares of the bank's stock worth $7,309,000 after purchasing an additional 17,395 shares during the period. XTX Topco Ltd acquired a new stake in Financial Institutions in the 3rd quarter worth about $224,000. Barclays PLC grew its holdings in shares of Financial Institutions by 48.4% during the third quarter. Barclays PLC now owns 44,798 shares of the bank's stock worth $1,141,000 after buying an additional 14,606 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Financial Institutions by 2.0% in the third quarter. Geode Capital Management LLC now owns 354,685 shares of the bank's stock valued at $9,036,000 after purchasing an additional 7,045 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Financial Institutions by 32.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 18,108 shares of the bank's stock worth $461,000 after acquiring an additional 4,461 shares during the period. Hedge funds and other institutional investors own 60.45% of the company's stock.

Analyst Upgrades and Downgrades

FISI has been the subject of several research reports. Stephens reiterated an "equal weight" rating and issued a $32.00 target price on shares of Financial Institutions in a report on Tuesday, March 11th. StockNews.com raised shares of Financial Institutions from a "sell" rating to a "hold" rating in a report on Tuesday, February 11th. Finally, Keefe, Bruyette & Woods upgraded Financial Institutions from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $29.00 to $34.00 in a research report on Monday, February 3rd.

Financial Institutions Price Performance

Shares of NASDAQ:FISI traded up $0.81 on Tuesday, hitting $23.10. The company had a trading volume of 39,196 shares, compared to its average volume of 98,148. The company has a market cap of $464.54 million, a PE ratio of -15.96 and a beta of 0.68. The business has a 50 day moving average of $25.50 and a 200 day moving average of $26.25. Financial Institutions, Inc. has a 52-week low of $16.81 and a 52-week high of $29.79. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26.

Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The bank reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.20). Financial Institutions had a negative net margin of 6.69% and a positive return on equity of 11.12%. As a group, equities analysts anticipate that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Friday, March 14th were given a dividend of $0.31 per share. The ex-dividend date was Friday, March 14th. This is an increase from Financial Institutions's previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 5.37%. Financial Institutions's dividend payout ratio is -85.52%.

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.