Mackenzie Financial Corp Takes Position in Financial Institutions, Inc. (NASDAQ:FISI)

Mackenzie Financial Corp bought a new position in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 16,114 shares of the bank's stock, valued at approximately $440,000. Mackenzie Financial Corp owned 0.10% of Financial Institutions as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Picton Mahoney Asset Management grew its stake in shares of Financial Institutions by 45.5% in the 4th quarter. Picton Mahoney Asset Management now owns 1,196 shares of the bank's stock worth $32,000 after purchasing an additional 374 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 acquiring an additional 380 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Financial Institutions by 1.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 60,320 shares of the bank's stock worth $1,646,000 after acquiring an additional 595 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Financial Institutions by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 125,323 shares of the bank's stock worth $3,420,000 after buying an additional 895 shares during the period. Finally, SG Americas Securities LLC raised its holdings in Financial Institutions by 14.9% during the 4th quarter. SG Americas Securities LLC now owns 7,418 shares of the bank's stock worth $202,000 after buying an additional 964 shares during the period. 60.45% of the stock is currently owned by institutional investors.

Financial Institutions Stock Up 1.6%

NASDAQ:FISI traded up $0.41 on Friday, hitting $25.58. 24,820 shares of the company's stock traded hands, compared to its average volume of 105,566. The company has a market cap of $514.41 million, a PE ratio of -17.64 and a beta of 0.72. Financial Institutions, Inc. has a 1 year low of $16.81 and a 1 year high of $29.79. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The firm has a 50-day moving average price of $24.65 and a 200-day moving average price of $26.26.

Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The bank reported $0.81 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.07. Financial Institutions had a negative net margin of 6.69% and a positive return on equity of 11.12%. The firm had revenue of $57.24 million for the quarter, compared to the consensus estimate of $57.14 million. Equities analysts anticipate that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 2nd. Stockholders of record on Friday, June 13th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.85%. The ex-dividend date of this dividend is Friday, June 13th. Financial Institutions's dividend payout ratio (DPR) is presently -165.33%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Financial Institutions from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Stephens reissued an "equal weight" rating and set a $32.00 target price on shares of Financial Institutions in a research note on Tuesday, March 11th.

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.