Financial Institutions, Inc. (NASDAQ:FISI) Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership cut its holdings in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 13.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 106,779 shares of the bank's stock after selling 17,046 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.69% of Financial Institutions worth $2,914,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FISI. R Squared Ltd acquired a new position in shares of Financial Institutions in the 4th quarter valued at $30,000. Picton Mahoney Asset Management grew its stake 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 last quarter. SG Americas Securities LLC increased its holdings 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 purchased a new position in shares of Financial Institutions in the third quarter worth about $224,000. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Financial Institutions during the fourth quarter worth about $318,000. Institutional investors and hedge funds own 60.45% of the company's stock.

Financial Institutions Stock Performance

Financial Institutions stock traded up $0.64 during mid-day trading on Tuesday, hitting $22.52. The company had a trading volume of 72,418 shares, compared to its average volume of 95,854. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $452.06 million, a price-to-earnings ratio of -15.53 and a beta of 0.68. The company's fifty day moving average is $26.07 and its 200-day moving average is $26.33. Financial Institutions, Inc. has a 12-month low of $16.29 and a 12-month high of $29.79.

Financial Institutions (NASDAQ:FISI - Get Free Report) last released its quarterly 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 negative net margin of 6.69% and a positive return on equity of 11.12%. Equities research analysts predict that Financial Institutions, Inc. will post 3.3 EPS for the current year.

Financial Institutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Friday, March 14th were issued a $0.31 dividend. This is a positive change from Financial Institutions's previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 5.51%. The ex-dividend date of this dividend was Friday, March 14th. Financial Institutions's dividend payout ratio (DPR) is presently -85.52%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on FISI shares. StockNews.com upgraded shares of Financial Institutions from a "sell" rating to a "hold" rating in a report on Tuesday, February 11th. Piper Sandler assumed coverage on shares of Financial Institutions in a research note on Friday, December 20th. They issued an "overweight" rating and a $33.00 price objective on the stock. Stephens restated an "equal weight" rating and set a $32.00 target price on shares of Financial Institutions in a research report on Tuesday, March 11th. Finally, Keefe, Bruyette & Woods raised Financial Institutions from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $29.00 to $34.00 in a research report on Monday, February 3rd.

Financial Institutions 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.