Bank of New York Mellon Corp Raises Position in Financial Institutions, Inc. (NASDAQ:FISI)

Bank of New York Mellon Corp lifted its stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 9.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 138,103 shares of the bank's stock after buying an additional 11,452 shares during the period. Bank of New York Mellon Corp owned approximately 0.69% of Financial Institutions worth $3,447,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Financial Institutions by 4.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,716 shares of the bank's stock worth $238,000 after buying an additional 380 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in Financial Institutions by 1.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 60,320 shares of the bank's stock valued at $1,646,000 after purchasing an additional 595 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in Financial Institutions by 14.3% in the fourth 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 during the last quarter. Rhumbline Advisers boosted its holdings in Financial Institutions by 5.0% in the first quarter. Rhumbline Advisers now owns 24,489 shares of the bank's stock valued at $611,000 after purchasing an additional 1,157 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its holdings in Financial Institutions by 2.5% in the fourth quarter. Two Sigma Advisers LP now owns 78,787 shares of the bank's stock valued at $2,150,000 after purchasing an additional 1,900 shares during the last quarter. Hedge funds and other institutional investors own 60.45% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded Financial Institutions from a "buy" rating to a "hold" rating in a report on Saturday.

Financial Institutions Trading Down 1.0%

Shares of FISI opened at $26.06 on Friday. The company has a market capitalization of $524.07 million, a P/E ratio of -17.14 and a beta of 0.71. Financial Institutions, Inc. has a one year low of $20.97 and a one year high of $29.78. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a 50-day moving average price of $26.14 and a 200 day moving average price of $26.02.

Financial Institutions (NASDAQ:FISI - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The bank reported $0.85 EPS for the quarter, beating analysts' consensus estimates of $0.78 by $0.07. Financial Institutions had a positive return on equity of 10.67% and a negative net margin of 4.96%. The firm had revenue of $59.74 million during the quarter, compared to the consensus estimate of $59.86 million. Sell-side analysts forecast that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 2nd. Shareholders of record on Friday, June 13th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 4.76%. The ex-dividend date of this dividend was Friday, June 13th. Financial Institutions's payout ratio is currently -165.33%.

Financial Institutions 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.

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