Financial Institutions, Inc. (NASDAQ:FISI) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its holdings in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 11.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 126,651 shares of the bank's stock after selling 16,163 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.82% of Financial Institutions worth $3,456,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. R Squared Ltd acquired a new stake in Financial Institutions during the 4th quarter worth $30,000. SG Americas Securities LLC raised its holdings in shares of 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 acquiring an additional 964 shares during the period. Stonebrook Private Inc. purchased a new position in shares of Financial Institutions during the 3rd quarter worth $218,000. XTX Topco Ltd purchased a new position in shares of Financial Institutions during the 3rd quarter worth $224,000. 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. Institutional investors and hedge funds own 60.45% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FISI shares. Stephens restated an "equal weight" rating and issued a $32.00 price objective on shares of Financial Institutions in a report on Tuesday, March 11th. Piper Sandler started coverage on shares of Financial Institutions in a report on Friday, December 20th. They issued an "overweight" rating and a $33.00 price objective on the stock. StockNews.com upgraded shares of Financial Institutions from a "sell" rating to a "hold" rating in a report on Tuesday, February 11th. Finally, Keefe, Bruyette & Woods upgraded shares of Financial Institutions from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $29.00 to $34.00 in a research note on Monday, February 3rd.

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Financial Institutions Trading Down 1.2 %

NASDAQ:FISI traded down $0.31 on Friday, reaching $25.37. 1,130,105 shares of the company's stock were exchanged, compared to its average volume of 84,415. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $509.38 million, a price-to-earnings ratio of -17.50 and a beta of 0.86. The business has a fifty day moving average of $27.28 and a 200-day moving average of $26.55. Financial Institutions, Inc. has a 52-week low of $16.29 and a 52-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 EPS 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%. As a group, 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 disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 14th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Financial Institutions's previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.89%. Financial Institutions's payout ratio is currently -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.