Courier Capital LLC Sells 100,061 Shares of Financial Institutions, Inc. $FISI

Key Points

• Courier Capital LLC has reduced its stake in Financial Institutions, Inc. by **28.4%**, selling **100,061 shares**, and now holds **252,523 shares** valued at **$6,485,000**.
• Financial Institutions reported an **EPS of $0.85**, surpassing the consensus estimate of **$0.78**, alongside a **revenue of $59.74 million** for the quarter.
• The company's board has initiated a **$1.00 million stock repurchase** program, indicating potential confidence in the undervaluation of its shares.

Courier Capital LLC trimmed its stake in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 28.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 252,523 shares of the bank's stock after selling 100,061 shares during the quarter. Courier Capital LLC owned 1.26% of Financial Institutions worth $6,485,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jump Financial LLC bought a new stake in shares of Financial Institutions during the 1st quarter valued at $205,000. CWM LLC raised its stake in shares of Financial Institutions by 8.1% during the 1st quarter. CWM LLC now owns 9,222 shares of the bank's stock valued at $230,000 after purchasing an additional 688 shares during the period. Corebridge Financial Inc. increased its stake in Financial Institutions by 24.2% in the 1st quarter. Corebridge Financial Inc. now owns 9,375 shares of the bank's stock worth $234,000 after acquiring an additional 1,828 shares during the last quarter. MetLife Investment Management LLC raised its holdings in shares of Financial Institutions by 31.9% in the 1st quarter. MetLife Investment Management LLC now owns 11,085 shares of the bank's stock valued at $277,000 after acquiring an additional 2,680 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Financial Institutions by 30.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank's stock worth $283,000 after purchasing an additional 2,617 shares in the last quarter. 60.45% of the stock is currently owned by institutional investors.

Financial Institutions Price Performance

Shares of Financial Institutions stock opened at $26.67 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $536.87 million, a PE ratio of -17.55 and a beta of 0.71. The business's 50-day moving average price is $26.76 and its 200-day moving average price is $25.84. Financial Institutions, Inc. has a 12 month low of $20.97 and a 12 month high of $29.78.

Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The bank reported $0.85 EPS for the quarter, beating the consensus estimate of $0.78 by $0.07. The firm had revenue of $59.74 million for the quarter, compared to analyst estimates of $59.86 million. Financial Institutions had a positive return on equity of 10.44% and a negative net margin of 4.96%. Sell-side analysts forecast that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions declared that its board has initiated a stock repurchase program on Monday, September 22nd that authorizes the company to buyback $1.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 0.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Financial Institutions Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 2nd. Investors of record on Monday, September 15th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 4.6%. The ex-dividend date was Monday, September 15th. Financial Institutions's dividend payout ratio (DPR) is presently -81.58%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FISI. Weiss Ratings restated a "sell (d+)" rating on shares of Financial Institutions in a research report on Wednesday, October 8th. Wall Street Zen cut shares of Financial Institutions from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $33.00.

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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