Wellington Management Group LLP Purchases New Holdings in Financial Institutions, Inc. (NASDAQ:FISI)

Wellington Management Group LLP acquired a new position in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 670,355 shares of the bank's stock, valued at approximately $18,294,000. Wellington Management Group LLP owned about 4.33% of Financial Institutions as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in FISI. R Squared Ltd purchased a new stake in shares of Financial Institutions during the 4th quarter valued at $30,000. Picton Mahoney Asset Management boosted its position in Financial Institutions by 45.5% during the 4th quarter. Picton Mahoney Asset Management now owns 1,196 shares of the bank's stock valued at $32,000 after purchasing an additional 374 shares during the period. SG Americas Securities LLC increased its stake in shares of Financial Institutions by 14.9% in the fourth quarter. SG Americas Securities LLC now owns 7,418 shares of the bank's stock valued at $202,000 after purchasing an additional 964 shares during the period. XTX Topco Ltd bought a new stake in shares of Financial Institutions during the third quarter valued at about $224,000. Finally, Proficio Capital Partners LLC acquired a new stake in Financial Institutions in the fourth quarter worth approximately $318,000. 60.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FISI has been the topic of a number of research analyst reports. Stephens reiterated an "equal weight" rating and set a $32.00 price target on shares of Financial Institutions in a report on Tuesday, March 11th. StockNews.com raised Financial Institutions from a "sell" rating to a "hold" rating in a research report on Tuesday, February 11th. Keefe, Bruyette & Woods upgraded Financial Institutions from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $29.00 to $34.00 in a research note on Monday, February 3rd. Finally, Piper Sandler started coverage on shares of Financial Institutions in a research report on Friday, December 20th. They issued an "overweight" rating and a $33.00 price target on the stock.

Financial Institutions Trading Up 2.0 %

NASDAQ:FISI traded up $0.44 during trading hours on Monday, hitting $21.87. The stock had a trading volume of 25,810 shares, compared to its average volume of 183,666. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86. Financial Institutions, Inc. has a one year low of $16.29 and a one year high of $29.78. The business's 50 day moving average is $26.19 and its 200-day moving average is $26.36. The company has a market cap of $439.01 million, a price-to-earnings ratio of -15.06 and a beta of 0.68.

Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its earnings results on Thursday, January 30th. The bank reported $0.54 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.20). Financial Institutions had a positive return on equity of 11.12% and a negative net margin of 6.69%. Sell-side analysts anticipate that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Friday, March 14th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 5.67%. This is an increase from Financial Institutions's previous quarterly dividend of $0.30. The ex-dividend date was Friday, March 14th. Financial Institutions's payout ratio 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.