409,247 Shares in Financial Institutions, Inc. (NASDAQ:FISI) Purchased by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. acquired a new position in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 409,247 shares of the bank's stock, valued at approximately $11,168,000. Adage Capital Partners GP L.L.C. owned about 2.65% of Financial Institutions as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of FISI. R Squared Ltd acquired a new position in Financial Institutions during the 4th quarter worth about $30,000. Picton Mahoney Asset Management lifted its position in shares of Financial Institutions by 45.5% during the 4th quarter. Picton Mahoney Asset Management now owns 1,196 shares of the bank's stock worth $32,000 after buying an additional 374 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Financial Institutions in the fourth quarter valued at $87,000. SG Americas Securities LLC boosted its position in shares of Financial Institutions by 14.9% in the 4th 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. Finally, Wells Fargo & Company MN grew its position in shares of Financial Institutions by 14.3% during the fourth quarter. Wells Fargo & Company MN now owns 9,130 shares of the bank's stock worth $249,000 after acquiring an additional 1,141 shares during the last quarter. Hedge funds and other institutional investors own 60.45% of the company's stock.

Financial Institutions Price Performance

Shares of NASDAQ FISI opened at $23.86 on Monday. Financial Institutions, Inc. has a fifty-two week low of $16.81 and a fifty-two week high of $29.79. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.26. The firm has a market cap of $479.82 million, a PE ratio of -16.46 and a beta of 0.68. The business has a 50 day moving average price of $25.08 and a two-hundred day moving average price of $26.23.

Financial Institutions (NASDAQ:FISI - Get Free Report) last released its earnings results on Thursday, January 30th. The bank reported $0.54 earnings per share for the quarter, missing the consensus estimate 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%. Sell-side analysts expect that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Friday, March 14th were paid a dividend of $0.31 per share. This is a boost from Financial Institutions's previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 5.20%. The ex-dividend date was Friday, March 14th. Financial Institutions's payout ratio is currently -85.52%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. StockNews.com upgraded shares of Financial Institutions from a "sell" rating to a "hold" rating in a research note on Tuesday, February 11th. Keefe, Bruyette & Woods upgraded shares of 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, Stephens reissued an "equal weight" rating and issued a $32.00 price target on shares of Financial Institutions in a report on Tuesday, March 11th.

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.

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