Acadian Asset Management LLC Sells 41,943 Shares of Financial Institutions, Inc. $FISI

Key Points

• Acadian Asset Management LLC reduced its stake in Financial Institutions, Inc. by 12.0% in the first quarter, now owning approximately 1.53% of the company, valued at $7.69 million.
• Financial Institutions, Inc. recently declared a quarterly dividend of $0.31 per share, which translates to an annualized dividend of $1.24 and a dividend yield of 4.6%.
• Wall Street Zen downgraded Financial Institutions from a "buy" rating to a "hold" rating, with the current consensus rating being a "Moderate Buy" and an average target price of $33.00.

Acadian Asset Management LLC reduced its stake in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 12.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 308,188 shares of the bank's stock after selling 41,943 shares during the period. Acadian Asset Management LLC owned 1.53% of Financial Institutions worth $7,691,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Financial Institutions by 4.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,716 shares of the bank's stock valued at $238,000 after buying an additional 380 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in Financial Institutions by 1.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 60,320 shares of the bank's stock valued at $1,646,000 after buying an additional 595 shares in the last quarter. CWM LLC raised its holdings in Financial Institutions by 8.1% during the first quarter. CWM LLC now owns 9,222 shares of the bank's stock valued at $230,000 after buying an additional 688 shares in the last quarter. Rhumbline Advisers raised its holdings in Financial Institutions by 5.0% during the first quarter. Rhumbline Advisers now owns 24,489 shares of the bank's stock valued at $611,000 after buying an additional 1,157 shares in the last quarter. Finally, Cutler Capital Management LLC raised its holdings in Financial Institutions by 2.8% during the first quarter. Cutler Capital Management LLC now owns 47,025 shares of the bank's stock valued at $1,174,000 after buying an additional 1,300 shares in the last quarter. 60.45% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded Financial Institutions from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $33.00.

Financial Institutions Stock Performance

FISI stock traded down $0.28 during trading on Tuesday, reaching $26.29. 183,581 shares of the stock were exchanged, compared to its average volume of 155,434. Financial Institutions, Inc. has a twelve month low of $20.97 and a twelve month high of $29.78. The company has a market capitalization of $529.22 million, a P/E ratio of -17.30 and a beta of 0.74. The stock has a 50 day simple moving average of $26.60 and a 200-day simple moving average of $25.72. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.20.

Financial Institutions (NASDAQ:FISI - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $0.85 earnings per share for the quarter, topping analysts' consensus estimates of $0.78 by $0.07. Financial Institutions had a positive return on equity of 10.44% and a negative net margin of 4.96%.The business had revenue of $59.74 million for the quarter, compared to the consensus estimate of $59.86 million. As a group, sell-side analysts anticipate that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.

Financial Institutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Monday, September 15th will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Monday, September 15th. Financial Institutions's payout ratio is presently -81.58%.

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.