Financial Institutions, Inc. (NASDAQ:FISI) is PL Capital Advisors LLC's 8th Largest Position

PL Capital Advisors LLC increased its stake in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 666.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,583,625 shares of the bank's stock after purchasing an additional 11,812,109 shares during the quarter. Financial Institutions accounts for approximately 4.3% of PL Capital Advisors LLC's holdings, making the stock its 8th biggest position. PL Capital Advisors LLC owned approximately 87.81% of Financial Institutions worth $370,697,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its holdings in shares of Financial Institutions by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 124,428 shares of the bank's stock worth $3,169,000 after purchasing an additional 417 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Financial Institutions by 14.9% during the fourth quarter. SG Americas Securities LLC now owns 7,418 shares of the bank's stock worth $202,000 after purchasing an additional 964 shares during the period. R Squared Ltd acquired a new stake in shares of Financial Institutions during the fourth quarter worth $30,000. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Financial Institutions by 1.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 59,725 shares of the bank's stock worth $1,521,000 after purchasing an additional 1,137 shares during the period. Finally, US Bancorp DE lifted its holdings in shares of Financial Institutions by 119.3% during the third quarter. US Bancorp DE now owns 2,572 shares of the bank's stock worth $66,000 after purchasing an additional 1,399 shares during the period. 60.45% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Piper Sandler assumed coverage on Financial Institutions in a report on Friday, December 20th. They set an "overweight" rating and a $33.00 price target for the company. Stephens reissued an "equal weight" rating and issued a $33.00 target price on shares of Financial Institutions in a report on Friday, January 31st. Keefe, Bruyette & Woods raised Financial Institutions from a "market perform" rating to an "outperform" rating and raised their target price for the company from $29.00 to $34.00 in a report on Monday, February 3rd. Finally, StockNews.com raised Financial Institutions from a "sell" rating to a "hold" rating in a report on Tuesday, February 11th.

Financial Institutions Price Performance

Financial Institutions stock traded up $0.29 during midday trading on Friday, reaching $28.02. The company's stock had a trading volume of 112,359 shares, compared to its average volume of 147,350. Financial Institutions, Inc. has a fifty-two week low of $16.29 and a fifty-two week high of $29.78. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86. The stock's 50 day simple moving average is $27.45 and its 200 day simple moving average is $26.41. The firm has a market capitalization of $433.58 million, a PE ratio of -19.32 and a beta of 0.90.

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

Financial Institutions Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 14th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 4.43%. The ex-dividend date is Friday, March 14th. This is an increase from Financial Institutions's previous quarterly dividend of $0.30. Financial Institutions's payout ratio is -85.52%.

Insider Transactions at Financial Institutions

In other news, Director Robert N. Latella purchased 4,000 shares of the business's stock in a transaction dated Friday, December 13th. The stock was acquired at an average price of $25.00 per share, with a total value of $100,000.00. Following the purchase, the director now directly owns 16,000 shares of the company's stock, valued at $400,000. This represents a 33.33 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.68% of the company's stock.

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.