Wellington Management Group LLP bought a new stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 670,355 shares of the bank's stock, valued at approximately $18,294,000. Wellington Management Group LLP owned 3.34% of Financial Institutions at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Deutsche Bank AG raised its position in Financial Institutions by 105.7% during the 4th quarter. Deutsche Bank AG now owns 17,229 shares of the bank's stock worth $470,000 after buying an additional 8,854 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in Financial Institutions during the 4th quarter worth $318,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Financial Institutions by 14.9% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 112,129 shares of the bank's stock worth $3,060,000 after buying an additional 14,570 shares during the last quarter. Basswood Capital Management L.L.C. purchased a new position in Financial Institutions during the 4th quarter worth $8,320,000. Finally, Alliancebernstein L.P. raised its position in Financial Institutions by 1,409.9% during the 4th quarter. Alliancebernstein L.P. now owns 231,010 shares of the bank's stock worth $6,304,000 after buying an additional 215,710 shares during the last quarter. Hedge funds and other institutional investors own 60.45% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on FISI shares. Wall Street Zen downgraded shares of Financial Institutions from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Stephens reiterated an "equal weight" rating and issued a $32.00 price target on shares of Financial Institutions in a report on Tuesday, March 11th.
Check Out Our Latest Analysis on FISI
Financial Institutions Price Performance
Shares of FISI traded down $0.22 during trading hours on Thursday, reaching $25.17. The company had a trading volume of 75,849 shares, compared to its average volume of 105,883. The firm has a 50 day simple moving average of $24.65 and a 200-day simple moving average of $26.26. 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 company has a market capitalization of $506.17 million, a price-to-earnings ratio of -17.36 and a beta of 0.70. Financial Institutions, Inc. has a 12-month low of $16.81 and a 12-month high of $29.79.
Financial Institutions (NASDAQ:FISI - Get Free Report) last issued 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. The firm had revenue of $57.24 million for the quarter, compared to analysts' expectations of $57.14 million. Financial Institutions had a negative net margin of 6.69% and a positive return on equity of 11.12%. Research analysts expect that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.
Financial Institutions Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 2nd. Investors of record on Friday, June 13th will be paid a $0.31 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.24 dividend on an annualized basis and a yield of 4.93%. Financial Institutions's payout ratio is -165.33%.
About Financial Institutions
(
Free Report)
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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