Acadian Asset Management LLC Has $7.69 Million Stock Holdings in 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 decreased its position 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 13F filing with the Securities & Exchange Commission. The institutional investor owned 308,188 shares of the bank's stock after selling 41,943 shares during the quarter. Acadian Asset Management LLC owned approximately 1.53% of Financial Institutions worth $7,691,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of FISI. Northern Trust Corp boosted its holdings in shares of Financial Institutions by 3.5% during the 4th quarter. Northern Trust Corp now owns 195,861 shares of the bank's stock valued at $5,345,000 after acquiring an additional 6,637 shares in the last quarter. Ameriprise Financial Inc. raised its position in Financial Institutions by 20.8% during the 4th quarter. Ameriprise Financial Inc. now owns 135,218 shares of the bank's stock worth $3,690,000 after purchasing an additional 23,278 shares during the last quarter. Bank of America Corp DE raised its position in Financial Institutions by 36.9% during the 4th quarter. Bank of America Corp DE now owns 27,123 shares of the bank's stock worth $740,000 after purchasing an additional 7,306 shares during the last quarter. Deutsche Bank AG raised its position in Financial Institutions by 105.7% during the 4th quarter. Deutsche Bank AG now owns 17,229 shares of the bank's stock worth $470,000 after purchasing an additional 8,854 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in Financial Institutions by 1.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 60,320 shares of the bank's stock worth $1,646,000 after purchasing an additional 595 shares during the last quarter. Institutional investors and hedge funds own 60.45% of the company's stock.

Financial Institutions Trading Up 3.2%

Shares of FISI stock traded up $0.85 during mid-day trading on Thursday, hitting $27.27. The company's stock had a trading volume of 34,816 shares, compared to its average volume of 154,662. The company's fifty day simple moving average is $26.56 and its 200-day simple moving average is $25.73. Financial Institutions, Inc. has a 52 week low of $20.97 and a 52 week high of $29.78. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $548.95 million, a PE ratio of -17.90 and a beta of 0.74.

Financial Institutions (NASDAQ:FISI - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $0.85 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $59.74 million during the quarter, compared to analyst estimates of $59.86 million. As a group, equities research analysts expect that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Monday, September 15th will be paid a $0.31 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.24 annualized dividend and a dividend yield of 4.5%. Financial Institutions's dividend payout ratio (DPR) is currently -81.58%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered 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 assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $33.00.

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.