Basswood Capital Management L.L.C. Acquires New Position in Financial Institutions, Inc. (NASDAQ:FISI)

Basswood Capital Management L.L.C. purchased a new stake in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 304,891 shares of the bank's stock, valued at approximately $8,320,000. Basswood Capital Management L.L.C. owned approximately 1.97% of Financial Institutions at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FISI. Picton Mahoney Asset Management boosted its holdings in Financial Institutions by 45.5% in 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 period. Charles Schwab Investment Management Inc. increased its holdings in shares of Financial Institutions by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 125,323 shares of the bank's stock worth $3,420,000 after buying an additional 895 shares during the last quarter. SG Americas Securities LLC boosted its holdings 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 worth $202,000 after purchasing an additional 964 shares in the last quarter. R Squared Ltd purchased a new stake in Financial Institutions in the fourth quarter worth approximately $30,000. Finally, Wells Fargo & Company MN boosted its stake in shares of Financial Institutions by 14.3% in the 4th quarter. Wells Fargo & Company MN now owns 9,130 shares of the bank's stock valued at $249,000 after purchasing an additional 1,141 shares in the last quarter. 60.45% of the stock is owned by institutional investors.

Financial Institutions Price Performance

Shares of FISI stock traded down $0.16 during mid-day trading on Tuesday, hitting $25.99. The company had a trading volume of 104,482 shares, compared to its average volume of 102,886. The company has a market capitalization of $522.66 million, a P/E ratio of -17.92 and a beta of 0.70. The stock's 50 day moving average price is $24.70 and its 200-day moving average price is $26.20. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.86 and a quick ratio of 0.86. Financial Institutions, Inc. has a 52-week low of $16.81 and a 52-week high of $29.79.

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

Financial Institutions Increases Dividend

The company also recently declared 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 4.77%. The ex-dividend date of this dividend was Friday, March 14th. Financial Institutions's payout ratio is currently -165.33%.

Analysts Set New Price Targets

A number of research firms have issued reports on FISI. StockNews.com cut shares of Financial Institutions from a "hold" rating to a "sell" rating in a research report on Wednesday, April 30th. Stephens reissued an "equal weight" rating and set a $32.00 price objective on shares of Financial Institutions in a research note on Tuesday, March 11th. Finally, Keefe, Bruyette & Woods upgraded Financial Institutions from a "market perform" rating to an "outperform" rating and raised their price target for the company from $29.00 to $34.00 in a report on Monday, February 3rd.

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.