Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 14.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 112,129 shares of the bank's stock after purchasing an additional 14,570 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.72% of Financial Institutions worth $3,060,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FISI. PL Capital Advisors LLC boosted its position in Financial Institutions by 666.8% during the 4th quarter. PL Capital Advisors LLC now owns 13,583,625 shares of the bank's stock valued at $370,697,000 after purchasing an additional 11,812,109 shares during the period. Stieven Capital Advisors L.P. acquired a new position in Financial Institutions during the 4th quarter worth $6,140,000. Zacks Investment Management acquired a new position in Financial Institutions during the 3rd quarter worth $4,706,000. Segall Bryant & Hamill LLC acquired a new position in Financial Institutions during the 3rd quarter worth $1,364,000. Finally, Bailard Inc. acquired a new position in Financial Institutions during the 4th quarter worth $615,000. Institutional investors and hedge funds own 60.45% of the company's stock.
Financial Institutions Stock Down 1.2 %
Shares of NASDAQ FISI traded down $0.31 during mid-day trading on Friday, reaching $25.37. 1,130,105 shares of the company traded hands, compared to its average volume of 84,791. The stock has a market cap of $509.38 million, a PE ratio of -17.50 and a beta of 0.86. The company's fifty day moving average is $27.28 and its two-hundred day moving average is $26.55. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86. Financial Institutions, Inc. has a fifty-two week low of $16.29 and a fifty-two week high of $29.79.
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 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%. On average, analysts expect 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 will be paid on Wednesday, April 2nd. Investors of record on Friday, March 14th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 4.89%. The ex-dividend date is Friday, March 14th. This is an increase from Financial Institutions's previous quarterly dividend of $0.30. Financial Institutions's dividend payout ratio (DPR) is -85.52%.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on FISI shares. Piper Sandler initiated coverage on Financial Institutions in a research report on Friday, December 20th. They set an "overweight" rating and a $33.00 price target for the company. StockNews.com raised Financial Institutions from a "sell" rating to a "hold" rating in a research note on Tuesday, February 11th. Stephens reissued an "equal weight" rating and issued a $32.00 price objective on shares of Financial Institutions in a research note on Tuesday, March 11th. Finally, Keefe, Bruyette & Woods raised Financial Institutions from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $29.00 to $34.00 in a research note on Monday, February 3rd.
Get Our Latest Stock Analysis on FISI
Financial Institutions Profile
(
Free Report)
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.
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