Vanguard Group Inc. Has $25.74 Million Stake in Financial Institutions, Inc. $FISI

Key Points

• Vanguard Group Inc. has increased its stake in Financial Institutions, Inc. by 11.5% during the first quarter, owning approximately 1,031,395 shares valued at $25.74 million.
• Analysts have adjusted their ratings on Financial Institutions, with Wall Street Zen downgrading the stock from "buy" to "hold", while the consensus remains a "Moderate Buy" with a price target of $33.00.
• Financial Institutions recently announced a quarterly dividend of $0.31 per share, with a yield of 4.5% and a payout ratio of -81.58%.

Vanguard Group Inc. grew its stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 11.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,031,395 shares of the bank's stock after purchasing an additional 106,110 shares during the quarter. Vanguard Group Inc. owned approximately 5.13% of Financial Institutions worth $25,744,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Financial Institutions by 4.6% in the fourth 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 period. Jacobs Levy Equity Management Inc. raised its position in shares of Financial Institutions by 1.0% in the fourth 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 period. CWM LLC raised its position in shares of Financial Institutions by 8.1% in the first 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 period. Wells Fargo & Company MN raised its position in shares of Financial Institutions by 14.3% in the fourth 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 period. Finally, Rhumbline Advisers raised its position in shares of Financial Institutions by 5.0% in the first quarter. Rhumbline Advisers now owns 24,489 shares of the bank's stock valued at $611,000 after purchasing an additional 1,157 shares during the period. 60.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Financial Institutions Stock Performance

NASDAQ:FISI traded up $0.05 during mid-day trading on Monday, reaching $27.67. 64,005 shares of the company's stock were exchanged, compared to its average volume of 134,742. Financial Institutions, Inc. has a one year low of $20.97 and a one year high of $29.78. The firm has a market capitalization of $557.00 million, a PE ratio of -18.20 and a beta of 0.74. The business's fifty day simple moving average is $26.36 and its two-hundred day simple moving average is $25.82. 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 released its quarterly earnings results on Thursday, July 24th. The bank reported $0.85 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $59.74 million for the quarter, compared to analyst estimates of $59.86 million. Analysts anticipate that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Shareholders of record on Monday, September 15th will be paid 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 is Monday, September 15th. Financial Institutions's dividend payout ratio is presently -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.