Wellington Management Group LLP Cuts Stake in Financial Institutions, Inc. $FISI

Key Points

• Wellington Management Group LLP sold 58,222 shares of Financial Institutions, reducing its stake by 8.7% to 612,133 shares, valued at approximately $15.28 million.
• Financial Institutions, Inc. reported $0.85 earnings per share for its most recent quarter, exceeding analyst estimates, despite revenues slightly below expectations.
• The company declared a quarterly dividend of $0.31, with an annualized yield of 4.5%, despite having a dividend payout ratio of -81.58%.

Wellington Management Group LLP lowered its position in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 8.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 612,133 shares of the bank's stock after selling 58,222 shares during the quarter. Wellington Management Group LLP owned approximately 3.04% of Financial Institutions worth $15,279,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of FISI. Basswood Capital Management L.L.C. purchased a new stake in Financial Institutions in the fourth quarter worth approximately $8,320,000. Rhino Investment Partners Inc bought a new stake in Financial Institutions in the fourth quarter valued at approximately $7,124,000. Azora Capital LP bought a new stake in Financial Institutions in the fourth quarter valued at approximately $6,213,000. Bayview Asset Management LLC lifted its position in Financial Institutions by 1,345.8% in the fourth quarter. Bayview Asset Management LLC now owns 171,889 shares of the bank's stock valued at $4,691,000 after purchasing an additional 160,000 shares during the last quarter. Finally, Jacobs Asset Management LLC bought a new stake in Financial Institutions in the fourth quarter valued at approximately $4,133,000. Hedge funds and other institutional investors own 60.45% of the company's stock.

Wall Street Analysts Forecast Growth

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

Financial Institutions Trading Up 0.2%

Shares of Financial Institutions stock traded up $0.05 during midday trading on Friday, reaching $27.67. 64,005 shares of the company's stock traded hands, compared to its average volume of 139,480. The stock has a 50 day moving average of $26.36 and a 200-day moving average of $25.85. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $557.00 million, a PE ratio of -18.20 and a beta of 0.79. Financial Institutions, Inc. has a 12 month low of $20.97 and a 12 month high of $29.78.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.07. The business had revenue of $59.74 million during the quarter, compared to the consensus estimate of $59.86 million. Financial Institutions had a positive return on equity of 10.44% and a negative net margin of 4.96%. As a group, equities analysts expect that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

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 issued a $0.31 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.24 dividend on an annualized basis and a yield of 4.5%. Financial Institutions's dividend payout ratio is -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.