Martingale Asset Management L P Sells 35,415 Shares of Financial Institutions, Inc. $FISI

Key Points

• Martingale Asset Management L P significantly reduced its stake in Financial Institutions, Inc. by 62.1%, selling 35,415 shares and owning approximately 0.11% of the company amounting to $540,000.
• Financial Institutions recently announced a $0.31 per share quarterly dividend, with a dividend yield of 4.6% and a payout ratio of -81.58%.
• Following an earnings report that exceeded estimates, analysts' consensus on Financial Institutions is a "Moderate Buy" with a price target of $33.00.

Martingale Asset Management L P decreased its stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 62.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,620 shares of the bank's stock after selling 35,415 shares during the period. Martingale Asset Management L P owned about 0.11% of Financial Institutions worth $540,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 valued at $238,000 after purchasing an additional 380 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in Financial Institutions by 1.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 60,320 shares of the bank's stock valued at $1,646,000 after purchasing an additional 595 shares during the last quarter. CWM LLC lifted its stake in Financial Institutions by 8.1% in 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. Wells Fargo & Company MN increased its position in Financial Institutions by 14.3% in the 4th quarter. Wells Fargo & Company MN now owns 9,130 shares of the bank's stock valued at $249,000 after acquiring an additional 1,141 shares during the period. Finally, Rhumbline Advisers raised its stake 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 acquiring an additional 1,157 shares during the last quarter. Institutional investors own 60.45% of the company's stock.

Financial Institutions Price Performance

FISI stock opened at $27.14 on Tuesday. The company has a fifty day moving average price of $26.12 and a 200-day moving average price of $25.83. The company has a market capitalization of $546.33 million, a P/E ratio of -17.86 and a beta of 0.79. 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 quick ratio of 0.87 and a current ratio of 0.87.

Financial Institutions (NASDAQ:FISI - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.07. Financial Institutions had a negative net margin of 4.96% and a positive return on equity of 10.44%. The company had revenue of $59.74 million during 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 year.

Financial Institutions Dividend Announcement

The company also recently disclosed 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. This represents a $1.24 annualized dividend and a dividend yield of 4.6%. Financial Institutions's dividend payout ratio (DPR) is presently -81.58%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of Financial Institutions from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently 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.

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