Financial Institutions, Inc. $FISI Shares Sold by Bayview Asset Management LLC

Key Points

• Bayview Asset Management LLC reduced its holdings in Financial Institutions, Inc. by 53.4% during the first quarter, selling 91,804 shares and holding 80,085 shares afterward.
• Financial Institutions announced a quarterly dividend of $0.31 per share, with a yield of 4.5%, to be paid on October 2nd to stockholders of record on September 15th.
• The bank reported an EPS of $0.85 for the last quarter, exceeding expectations of $0.78, with a revenue of $59.74 million slightly below analysts' forecast.

Bayview Asset Management LLC decreased its holdings in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 53.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,085 shares of the bank's stock after selling 91,804 shares during the quarter. Financial Institutions comprises about 0.8% of Bayview Asset Management LLC's portfolio, making the stock its 5th biggest position. Bayview Asset Management LLC owned approximately 0.40% of Financial Institutions worth $1,999,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FISI. Jump Financial LLC purchased a new position in Financial Institutions in the 1st quarter worth $205,000. CWM LLC raised its stake in Financial Institutions by 8.1% in the 1st quarter. CWM LLC now owns 9,222 shares of the bank's stock worth $230,000 after acquiring an additional 688 shares during the last quarter. Corebridge Financial Inc. raised 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Financial Institutions by 4.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,716 shares of the bank's stock worth $238,000 after acquiring an additional 380 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in Financial Institutions by 14.3% in the 4th quarter. Wells Fargo & Company MN now owns 9,130 shares of the bank's stock worth $249,000 after acquiring an additional 1,141 shares during the last quarter. Hedge funds and other institutional investors own 60.45% of the company's stock.

Financial Institutions Price Performance

NASDAQ:FISI opened at $27.60 on Thursday. Financial Institutions, Inc. has a 52 week low of $20.97 and a 52 week high of $29.78. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $555.59 million, a PE ratio of -18.16 and a beta of 0.79. The stock's 50-day moving average price is $26.24 and its 200-day moving average price is $25.86.

Financial Institutions (NASDAQ:FISI - Get Free Report) last posted its 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 10.44% and a negative net margin of 4.96%.The firm had revenue of $59.74 million for the quarter, compared to analysts' expectations of $59.86 million. As a group, equities analysts expect that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Monday, September 15th will be given 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 dividend yield of 4.5%. Financial Institutions's dividend payout ratio (DPR) is -81.58%.

Analyst Ratings Changes

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.