Boothbay Fund Management LLC Invests $2.46 Million in Financial Institutions, Inc. (NASDAQ:FISI)

Boothbay Fund Management LLC bought a new position in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 90,000 shares of the bank's stock, valued at approximately $2,456,000. Boothbay Fund Management LLC owned about 0.58% of Financial Institutions as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. bought a new stake in shares of Financial Institutions during the fourth quarter worth $11,168,000. Mendon Capital Advisors Corp bought a new stake in shares of Financial Institutions during the fourth quarter worth $2,729,000. Curi RMB Capital LLC bought a new stake in shares of Financial Institutions during the fourth quarter worth $2,429,000. Dimensional Fund Advisors LP raised its position in shares of Financial Institutions by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 971,659 shares of the bank's stock worth $26,516,000 after acquiring an additional 14,733 shares during the last quarter. Finally, Banc Funds Co. LLC bought a new stake in Financial Institutions in the fourth quarter valued at about $2,838,000. Institutional investors own 60.45% of the company's stock.

Wall Street Analysts Forecast Growth

FISI has been the subject of a number of recent analyst reports. StockNews.com upgraded Financial Institutions from a "sell" rating to a "hold" rating in a report on Tuesday, February 11th. Keefe, Bruyette & Woods upgraded Financial Institutions from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $29.00 to $34.00 in a report on Monday, February 3rd. Finally, Stephens reiterated an "equal weight" rating and issued a $32.00 price objective on shares of Financial Institutions in a report on Tuesday, March 11th.

Financial Institutions Stock Down 0.4 %

Shares of Financial Institutions stock opened at $23.86 on Monday. Financial Institutions, Inc. has a 1 year low of $16.81 and a 1 year high of $29.79. The business has a 50-day moving average of $25.08 and a two-hundred day moving average of $26.23. The company has a market capitalization of $479.82 million, a P/E ratio of -16.46 and a beta of 0.68. 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 (NASDAQ:FISI - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The bank reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.20). Financial Institutions had a positive return on equity of 11.12% and a negative net margin of 6.69%. As a group, equities analysts predict that Financial Institutions, Inc. will post 3.3 EPS for the current year.

Financial Institutions Increases Dividend

The firm 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 an increase from Financial Institutions's previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 5.20%. The ex-dividend date was Friday, March 14th. Financial Institutions's dividend payout ratio is -85.52%.

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.

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