Zacks Investment Management Purchases Shares of 184,767 Financial Institutions, Inc. (NASDAQ:FISI)

Zacks Investment Management bought a new stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) during the third quarter, according to its most recent filing with the SEC. The firm bought 184,767 shares of the bank's stock, valued at approximately $4,706,000. Zacks Investment Management owned about 1.19% of Financial Institutions at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp increased its position in shares of Financial Institutions by 6.5% during the third quarter. State Street Corp now owns 283,707 shares of the bank's stock valued at $7,309,000 after purchasing an additional 17,395 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in 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 buying an additional 1,137 shares in the last quarter. Martingale Asset Management L P increased its holdings in Financial Institutions by 6.7% in the 3rd quarter. Martingale Asset Management L P now owns 57,035 shares of the bank's stock valued at $1,453,000 after buying an additional 3,603 shares during the period. Fourthstone LLC acquired a new position in shares of Financial Institutions in the 3rd quarter valued at $518,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Financial Institutions by 421.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 19,793 shares of the bank's stock worth $504,000 after acquiring an additional 15,997 shares during the period. 60.45% of the stock is currently owned by institutional investors and hedge funds.

Financial Institutions Trading Down 0.3 %

NASDAQ FISI traded down $0.09 during trading hours on Monday, hitting $26.64. The company's stock had a trading volume of 36,600 shares, compared to its average volume of 50,150. The stock has a fifty day moving average of $25.96 and a 200 day moving average of $23.45. The firm has a market capitalization of $412.12 million, a P/E ratio of 8.38 and a beta of 0.92. Financial Institutions, Inc. has a twelve month low of $16.29 and a twelve month high of $29.14. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.26.

Financial Institutions (NASDAQ:FISI - Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.08. Financial Institutions had a net margin of 13.72% and a return on equity of 11.32%. The firm had revenue of $50.12 million during the quarter. During the same quarter in the prior year, the firm posted $0.88 EPS. Equities research analysts forecast that Financial Institutions, Inc. will post 3.66 earnings per share for the current fiscal year.

Financial Institutions Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 4.50%. The ex-dividend date of this dividend is Friday, December 13th. Financial Institutions's dividend payout ratio (DPR) is presently 37.74%.

Wall Street Analyst Weigh In

A number of research analysts have commented on FISI shares. StockNews.com cut shares of Financial Institutions from a "buy" rating to a "hold" rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods raised their target price on Financial Institutions from $27.00 to $28.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th.

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.