Mendon Capital Advisors Corp Makes New $2.73 Million Investment in Financial Institutions, Inc. (NASDAQ:FISI)

Mendon Capital Advisors Corp bought a new stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 100,000 shares of the bank's stock, valued at approximately $2,729,000. Financial Institutions makes up about 1.3% of Mendon Capital Advisors Corp's investment portfolio, making the stock its 22nd largest holding. Mendon Capital Advisors Corp owned about 0.65% of Financial Institutions as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also modified their holdings of the company. PL Capital Advisors LLC lifted its position in shares of Financial Institutions by 666.8% in the fourth quarter. PL Capital Advisors LLC now owns 13,583,625 shares of the bank's stock valued at $370,697,000 after buying an additional 11,812,109 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Financial Institutions by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 971,659 shares of the bank's stock worth $26,516,000 after acquiring an additional 14,733 shares during the period. Vanguard Group Inc. grew its position in shares of Financial Institutions by 13.0% in the fourth quarter. Vanguard Group Inc. now owns 925,285 shares of the bank's stock valued at $25,251,000 after purchasing an additional 106,612 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Financial Institutions during the fourth quarter worth approximately $18,294,000. Finally, American Century Companies Inc. grew its holdings in Financial Institutions by 38.1% in the 4th quarter. American Century Companies Inc. now owns 424,825 shares of the bank's stock valued at $11,593,000 after buying an additional 117,142 shares in the last quarter. Institutional investors and hedge funds own 60.45% of the company's stock.

Wall Street Analysts Forecast Growth

FISI has been the topic of a number of recent research reports. Keefe, Bruyette & Woods raised shares of 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 report on Monday, February 3rd. Stephens reiterated an "equal weight" rating and issued a $32.00 price target on shares of Financial Institutions in a research report on Tuesday, March 11th. Finally, StockNews.com raised Financial Institutions from a "sell" rating to a "hold" rating in a research report on Tuesday, February 11th.

Financial Institutions Price Performance

Shares of NASDAQ:FISI opened at $23.96 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $481.84 million, a PE ratio of -16.52 and a beta of 0.68. The firm has a 50 day moving average of $25.19 and a 200-day moving average of $26.21. Financial Institutions, Inc. has a 12 month low of $16.81 and a 12 month high of $29.79.

Financial Institutions (NASDAQ:FISI - Get Free Report) last issued its 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 negative net margin of 6.69% and a positive return on equity of 11.12%. On average, equities research analysts predict that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Friday, March 14th were paid a $0.31 dividend. 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 5.18%. The ex-dividend date was Friday, March 14th. Financial Institutions's dividend payout ratio (DPR) is presently -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.