Charles Schwab Investment Management Inc. Grows Stock Holdings in Financial Institutions, Inc. $FISI

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Financial Institutions, Inc. (NASDAQ:FISI) by 27.9%, owning 160,338 shares valued at approximately $4 million.
• Financial Institutions reported $0.85 earnings per share for the last quarter, surpassing the consensus estimate of $0.78, while revenue was slightly below expectations.
• The company announced a quarterly dividend of $0.31 per share, with a dividend yield of 4.5%, set to be paid on October 2nd, 2023.

Charles Schwab Investment Management Inc. raised its stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 27.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 160,338 shares of the bank's stock after acquiring an additional 35,015 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.80% of Financial Institutions worth $4,002,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Deutsche Bank AG grew its stake in shares of Financial Institutions by 105.7% in the fourth quarter. Deutsche Bank AG now owns 17,229 shares of the bank's stock worth $470,000 after acquiring an additional 8,854 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Financial Institutions by 9.0% in the first quarter. Bank of New York Mellon Corp now owns 138,103 shares of the bank's stock worth $3,447,000 after acquiring an additional 11,452 shares during the last quarter. Rhumbline Advisers boosted its position in shares of 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 during the last quarter. Victory Capital Management Inc. boosted its position in shares of Financial Institutions by 10.0% during the first quarter. Victory Capital Management Inc. now owns 37,000 shares of the bank's stock valued at $924,000 after buying an additional 3,355 shares during the last quarter. Finally, Basswood Capital Management L.L.C. purchased a new stake in shares of Financial Institutions during the fourth quarter valued at $8,320,000. 60.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Financial Institutions Stock Performance

Financial Institutions stock traded down $0.08 during trading on Wednesday, reaching $27.30. The company had a trading volume of 71,822 shares, compared to its average volume of 130,117. The firm has a market capitalization of $549.55 million, a price-to-earnings ratio of -17.96 and a beta of 0.74. 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's 50-day simple moving average is $26.49 and its 200 day simple moving average is $25.83. Financial Institutions, Inc. has a 52 week low of $20.97 and a 52 week high of $29.78.

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, 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 during the quarter, compared to analysts' expectations of $59.86 million. Sell-side analysts forecast that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Dividend Announcement

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

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.