Bank of Montreal Can Buys New Holdings in Financial Institutions, Inc. (NASDAQ:FISI)

Bank of Montreal Can bought a new position in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 23,951 shares of the bank's stock, valued at approximately $466,000. Bank of Montreal Can owned approximately 0.16% of Financial Institutions as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Thrivent Financial for Lutherans increased its position in shares of Financial Institutions by 6.0% in the second quarter. Thrivent Financial for Lutherans now owns 64,257 shares of the bank's stock worth $1,241,000 after purchasing an additional 3,637 shares during the period. Renaissance Technologies LLC increased its holdings in Financial Institutions by 9.0% in the 2nd quarter. Renaissance Technologies LLC now owns 332,500 shares of the bank's stock valued at $6,424,000 after buying an additional 27,400 shares during the period. American Century Companies Inc. increased its holdings in Financial Institutions by 10.5% in the 2nd quarter. American Century Companies Inc. now owns 267,576 shares of the bank's stock valued at $5,170,000 after buying an additional 25,439 shares during the period. Acadian Asset Management LLC raised its position in shares of Financial Institutions by 8.7% in the 2nd quarter. Acadian Asset Management LLC now owns 324,263 shares of the bank's stock valued at $6,263,000 after buying an additional 25,865 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Financial Institutions by 25.0% during the 2nd quarter. Victory Capital Management Inc. now owns 37,500 shares of the bank's stock worth $724,000 after acquiring an additional 7,500 shares during the period. 60.45% of the stock is owned by institutional investors.

Financial Institutions Trading Up 0.3 %

Shares of FISI stock traded up $0.08 during trading hours on Thursday, hitting $24.57. 20,339 shares of the company's stock traded hands, compared to its average volume of 51,326. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.28. Financial Institutions, Inc. has a 12 month low of $15.22 and a 12 month high of $27.75. The stock has a market cap of $379.53 million, a PE ratio of 9.74 and a beta of 0.89. The stock's 50 day simple moving average is $24.83 and its 200 day simple moving average is $20.92.

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

Financial Institutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 2nd. Investors of record on Friday, September 13th were issued a $0.30 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 4.88%. Financial Institutions's payout ratio is 47.81%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Keefe, Bruyette & Woods restated a "market perform" rating and set a $25.00 price objective (up from $20.00) on shares of Financial Institutions in a research report on Monday, July 29th. StockNews.com downgraded Financial Institutions from a "buy" rating to a "hold" rating in a research report on Wednesday, October 2nd.

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.