Basswood Capital Management L.L.C. Purchases Shares of 304,891 Financial Institutions, Inc. (NASDAQ:FISI)

Basswood Capital Management L.L.C. bought a new stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 304,891 shares of the bank's stock, valued at approximately $8,320,000. Basswood Capital Management L.L.C. owned 1.97% of Financial Institutions as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. PL Capital Advisors LLC grew its position in shares of Financial Institutions by 666.8% in the fourth quarter. PL Capital Advisors LLC now owns 13,583,625 shares of the bank's stock valued at $370,697,000 after purchasing an additional 11,812,109 shares during the last quarter. Wellington Management Group LLP bought a new position in Financial Institutions during the 4th quarter worth $18,294,000. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Financial Institutions during the fourth quarter worth $11,168,000. Fourthstone LLC boosted its position in shares of Financial Institutions by 1,463.9% in the fourth quarter. Fourthstone LLC now owns 318,254 shares of the bank's stock valued at $8,685,000 after acquiring an additional 297,904 shares during the period. Finally, Rhino Investment Partners Inc bought a new position in Financial Institutions during the fourth quarter worth about $7,124,000. 60.45% of the stock is owned by institutional investors and hedge funds.

Financial Institutions Price Performance

FISI stock traded down $0.36 during midday trading on Friday, reaching $26.17. 34,328 shares of the stock were exchanged, compared to its average volume of 103,129. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $526.28 million, a PE ratio of -18.05 and a beta of 0.70. Financial Institutions, Inc. has a 52 week low of $16.81 and a 52 week high of $29.79. The company has a fifty day moving average price of $24.60 and a 200 day moving average price of $26.21.

Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The bank reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.07. Financial Institutions had a negative net margin of 6.69% and a positive return on equity of 11.12%. The firm had revenue of $57.24 million during the quarter, compared to analysts' expectations of $57.14 million. As a group, analysts expect that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Friday, March 14th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 4.74%. 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 dividend payout ratio is presently -165.33%.

Wall Street Analysts Forecast Growth

FISI has been the subject of several analyst reports. Keefe, Bruyette & Woods raised Financial Institutions from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $29.00 to $34.00 in a report on Monday, February 3rd. Stephens reaffirmed an "equal weight" rating and set a $32.00 price target on shares of Financial Institutions in a report on Tuesday, March 11th. Finally, StockNews.com raised shares of Financial Institutions from a "sell" rating to a "hold" rating in a research note on Thursday.

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.