Short Interest in Financial Institutions, Inc. (NASDAQ:FISI) Rises By 12.7%

Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report) was the recipient of a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 107,700 shares, a growth of 12.7% from the August 31st total of 95,600 shares. Based on an average daily trading volume, of 57,100 shares, the days-to-cover ratio is currently 1.9 days. Currently, 0.7% of the company's stock are sold short.

Institutional Investors Weigh In On Financial Institutions

A number of hedge funds have recently bought and sold shares of the business. Innealta Capital LLC purchased a new position in Financial Institutions during the 2nd quarter worth approximately $25,000. Lazard Asset Management LLC purchased a new stake in Financial Institutions during the first quarter worth about $98,000. CWM LLC grew its position in shares of Financial Institutions by 150.4% during the second quarter. CWM LLC now owns 5,438 shares of the bank's stock worth $105,000 after buying an additional 3,266 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Financial Institutions by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 8,811 shares of the bank's stock worth $166,000 after buying an additional 742 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Financial Institutions by 11.0% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 12,276 shares of the bank's stock valued at $237,000 after purchasing an additional 1,216 shares in the last quarter. Hedge funds and other institutional investors own 60.45% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on FISI shares. StockNews.com raised Financial Institutions from a "hold" rating to a "buy" rating in a report on Saturday, September 21st. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $25.00 price target (up previously from $20.00) on shares of Financial Institutions in a research report on Monday, July 29th.

Financial Institutions Stock Performance

Shares of NASDAQ FISI traded up $0.02 during midday trading on Friday, hitting $25.18. The company's stock had a trading volume of 18,034 shares, compared to its average volume of 52,592. The stock has a fifty day moving average price of $24.88 and a 200 day moving average price of $20.57. Financial Institutions has a one year low of $15.22 and a one year high of $27.75. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $388.96 million, a price-to-earnings ratio of 10.03 and a beta of 0.89.

Financial Institutions (NASDAQ:FISI - Get Free Report) last posted its earnings results on Thursday, July 25th. The bank reported $1.62 EPS for the quarter, topping the consensus estimate of $0.70 by $0.92. The firm had revenue of $102.80 million during the quarter. Financial Institutions had a net margin of 13.95% and a return on equity of 12.06%. During the same period in the prior year, the business posted $0.91 earnings per share. On average, research analysts forecast that Financial Institutions will post 3.64 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Friday, September 13th will be given a $0.30 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.77%. Financial Institutions's payout ratio is currently 47.81%.

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.