Jacobs Asset Management LLC Sells 26,760 Shares of Financial Institutions, Inc. $FISI

Key Points

• Jacobs Asset Management LLC has reduced its stake in Financial Institutions, Inc. (NASDAQ:FISI) by 17.7%, owning 124,696 shares after selling 26,760 shares during the first quarter.
• Financial Institutions has announced a quarterly dividend of $0.31 per share, with a yield of 4.6% and a payout ratio of -81.58%.
• The stock has seen a recent downgrade from Wall Street Zen, changing its rating from "buy" to "hold," while maintaining an average rating of "Moderate Buy" with a consensus target price of $33.00.

Jacobs Asset Management LLC cut its stake in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 17.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,696 shares of the bank's stock after selling 26,760 shares during the period. Financial Institutions comprises approximately 1.9% of Jacobs Asset Management LLC's investment portfolio, making the stock its 20th largest holding. Jacobs Asset Management LLC owned 0.62% of Financial Institutions worth $3,112,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of FISI. Wells Fargo & Company MN lifted 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 worth $249,000 after buying an additional 1,141 shares in the last quarter. Invesco Ltd. grew its stake in Financial Institutions by 7.2% in the 4th quarter. Invesco Ltd. now owns 38,839 shares of the bank's stock valued at $1,060,000 after buying an additional 2,606 shares in the last quarter. Barclays PLC grew its position in shares of Financial Institutions by 6.9% during the 4th quarter. Barclays PLC now owns 47,877 shares of the bank's stock valued at $1,307,000 after purchasing an additional 3,079 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Financial Institutions by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 971,659 shares of the bank's stock valued at $26,516,000 after purchasing an additional 14,733 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. purchased a new position in shares of Financial Institutions during the 4th quarter valued at $11,168,000. Institutional investors own 60.45% of the company's stock.

Analyst Ratings Changes

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 investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $33.00.

Financial Institutions Stock Up 0.2%

FISI traded up $0.05 during midday trading on Friday, reaching $27.67. The company's stock had a trading volume of 64,005 shares, compared to its average volume of 159,180. The firm has a market capitalization of $557.00 million, a price-to-earnings ratio of -18.20 and a beta of 0.79. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.20. Financial Institutions, Inc. has a 1 year low of $20.97 and a 1 year high of $29.78. The stock's 50-day moving average is $26.36 and its 200-day moving average is $25.85.

Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The bank reported $0.85 earnings per share for the quarter, topping analysts' consensus estimates 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%. As a group, research analysts expect that Financial Institutions, Inc. will post 3.3 EPS for the current year.

Financial Institutions Dividend Announcement

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

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.