American Century Companies Inc. Sells 45,621 Shares of Financial Institutions, Inc. $FISI

Key Points

• American Century Companies Inc. has reduced its stake in Financial Institutions, Inc. (FISI) by 10.7%, owning approximately 1.89% of the bank's stock worth $9.47 million after selling 45,621 shares.
• Financial Institutions, Inc. announced a quarterly dividend of $0.31 per share, translating to an annualized yield of 4.5%, with a payout ratio currently at -81.58%.
• Wall Street analysts have downgraded the stock from a "buy" rating to a "hold" rating, but the stock maintains a consensus rating of "Moderate Buy" with a price target of $33.00.

American Century Companies Inc. cut its position in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 10.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 379,204 shares of the bank's stock after selling 45,621 shares during the quarter. American Century Companies Inc. owned approximately 1.89% of Financial Institutions worth $9,465,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. CWM LLC increased its position 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Financial Institutions by 4.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,716 shares of the bank's stock valued at $238,000 after purchasing an additional 380 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Financial Institutions by 14.3% during the 4th 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. GAMMA Investing LLC increased its position in shares of Financial Institutions by 6,068.4% during the 1st quarter. GAMMA Investing LLC now owns 15,051 shares of the bank's stock valued at $376,000 after purchasing an additional 14,807 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in shares of Financial Institutions during the 4th quarter valued at about $388,000. 60.45% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen cut 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $33.00.

Financial Institutions Trading Up 0.2%

NASDAQ:FISI traded up $0.05 during trading hours on Friday, hitting $27.67. The company had a trading volume of 64,005 shares, compared to its average volume of 139,480. The company has a market capitalization of $557.00 million, a PE ratio of -18.20 and a beta of 0.79. The stock has a 50-day moving average price of $26.36 and a 200 day moving average price of $25.85. 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 current ratio of 0.87 and a quick ratio of 0.87.

Financial Institutions (NASDAQ:FISI - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The bank reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.07. The business had revenue of $59.74 million for the quarter, compared to analysts' expectations of $59.86 million. Financial Institutions had a negative net margin of 4.96% and a positive return on equity of 10.44%. On average, equities research analysts predict that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

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