Renaissance Technologies LLC Acquires 27,400 Shares of Financial Institutions, Inc. (NASDAQ:FISI)

Renaissance Technologies LLC lifted its holdings in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 9.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 332,500 shares of the bank's stock after purchasing an additional 27,400 shares during the period. Renaissance Technologies LLC owned 2.15% of Financial Institutions worth $6,424,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Financial Institutions by 2.1% during the first quarter. Vanguard Group Inc. now owns 784,928 shares of the bank's stock worth $14,772,000 after purchasing an additional 16,462 shares during the period. PL Capital Advisors LLC lifted its holdings in shares of Financial Institutions by 15.8% during the second quarter. PL Capital Advisors LLC now owns 348,751 shares of the bank's stock worth $6,738,000 after purchasing an additional 47,470 shares during the period. Courier Capital LLC raised its stake in Financial Institutions by 1.0% during the second quarter. Courier Capital LLC now owns 342,175 shares of the bank's stock worth $6,611,000 after buying an additional 3,489 shares during the last quarter. Acadian Asset Management LLC raised its stake in Financial Institutions by 8.7% during the second quarter. Acadian Asset Management LLC now owns 324,263 shares of the bank's stock worth $6,263,000 after buying an additional 25,865 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Financial Institutions by 10.5% during the second quarter. American Century Companies Inc. now owns 267,576 shares of the bank's stock worth $5,170,000 after buying an additional 25,439 shares during the last quarter. Institutional investors and hedge funds own 60.45% of the company's stock.

Financial Institutions Stock Up 0.8 %

FISI traded up $0.19 during midday trading on Thursday, hitting $25.16. The company had a trading volume of 27,015 shares, compared to its average volume of 52,778. Financial Institutions, Inc. has a 52 week low of $15.22 and a 52 week high of $27.75. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $388.65 million, a price-to-earnings ratio of 10.02 and a beta of 0.89. The stock's 50 day moving average price is $24.81 and its 200 day moving average price is $20.51.

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

Financial Institutions Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on FISI. StockNews.com raised shares of Financial Institutions from a "hold" rating to a "buy" rating in a research note on Saturday, September 21st. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $25.00 target price (up previously from $20.00) on shares of Financial Institutions in a research note on Monday, July 29th.

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.