Connor Clark & Lunn Investment Management Ltd. lowered its holdings in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 67.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 36,316 shares of the bank's stock after selling 75,813 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.18% of Financial Institutions worth $906,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its holdings in Financial Institutions by 239.5% during the fourth quarter. JPMorgan Chase & Co. now owns 61,484 shares of the bank's stock worth $1,678,000 after buying an additional 43,376 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Financial Institutions by 14.3% during the fourth quarter. Wells Fargo & Company MN now owns 9,130 shares of the bank's stock worth $249,000 after buying an additional 1,141 shares in the last quarter. Invesco Ltd. boosted its holdings in Financial Institutions by 7.2% during the fourth quarter. Invesco Ltd. now owns 38,839 shares of the bank's stock worth $1,060,000 after buying an additional 2,606 shares in the last quarter. Barclays PLC boosted its holdings in Financial Institutions by 6.9% during the fourth quarter. Barclays PLC now owns 47,877 shares of the bank's stock worth $1,307,000 after buying an additional 3,079 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in 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 buying an additional 14,733 shares in the last quarter. Institutional investors and hedge funds own 60.45% of the company's stock.
Financial Institutions Price Performance
Shares of NASDAQ FISI traded up $1.3910 during trading on Friday, hitting $27.2910. The company had a trading volume of 149,508 shares, compared to its average volume of 158,133. The stock has a fifty day simple moving average of $26.03 and a two-hundred day simple moving average of $25.87. Financial Institutions, Inc. has a fifty-two week low of $20.97 and a fifty-two week high of $29.78. The firm has a market capitalization of $549.37 million, a price-to-earnings ratio of -17.87 and a beta of 0.79. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.20.
Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its earnings results on Thursday, July 24th. The bank reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.07. Financial Institutions had a negative net margin of 4.96% and a positive return on equity of 10.44%. The business had revenue of $59.74 million for the quarter, compared to analyst estimates of $59.86 million. On average, research analysts expect that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.
Financial Institutions Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 2nd. Stockholders of record on Friday, June 13th were given a $0.31 dividend. The ex-dividend date was Friday, June 13th. This represents a $1.24 annualized dividend and a dividend yield of 4.5%. Financial Institutions's dividend payout ratio (DPR) is -81.58%.
Analysts Set New Price Targets
Separately, Wall Street Zen downgraded shares of Financial Institutions from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $33.00.
Read Our Latest Stock Report on FISI
About Financial Institutions
(
Free Report)
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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