Franklin Resources Inc. Purchases 60,018 Shares of Financial Institutions, Inc. (NASDAQ:FISI)

Franklin Resources Inc. increased its holdings in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 334.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,956 shares of the bank's stock after buying an additional 60,018 shares during the quarter. Franklin Resources Inc. owned 0.50% of Financial Institutions worth $2,127,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its position in Financial Institutions by 0.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 124,428 shares of the bank's stock worth $3,169,000 after buying an additional 417 shares in the last quarter. FMR LLC raised its stake in Financial Institutions by 18.6% during the 3rd quarter. FMR LLC now owns 38,368 shares of the bank's stock worth $977,000 after acquiring an additional 6,025 shares during the period. State Street Corp lifted its holdings in Financial Institutions by 6.5% during the third quarter. State Street Corp now owns 283,707 shares of the bank's stock valued at $7,309,000 after purchasing an additional 17,395 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Financial Institutions in the third quarter worth $224,000. Finally, Barclays PLC raised its position in shares of Financial Institutions by 48.4% during the 3rd quarter. Barclays PLC now owns 44,798 shares of the bank's stock valued at $1,141,000 after purchasing an additional 14,606 shares during the period. 60.45% of the stock is currently owned by institutional investors.

Financial Institutions Price Performance

Shares of NASDAQ FISI traded down $0.11 during midday trading on Friday, reaching $22.35. 241,152 shares of the stock traded hands, compared to its average volume of 97,949. The company's 50 day moving average is $25.61 and its 200 day moving average is $26.24. Financial Institutions, Inc. has a one year low of $16.39 and a one year high of $29.79. The stock has a market capitalization of $448.74 million, a PE ratio of -15.41 and a beta of 0.68. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.86 and a quick ratio of 0.86.

Financial Institutions (NASDAQ:FISI - Get Free Report) last posted its earnings results on Thursday, January 30th. The bank reported $0.54 earnings per share for the quarter, missing analysts' consensus estimates of $0.74 by ($0.20). Financial Institutions had a positive return on equity of 11.12% and a negative net margin of 6.69%. On average, equities research analysts anticipate that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.

Financial Institutions Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Friday, March 14th were given a dividend of $0.31 per share. The ex-dividend date was Friday, March 14th. This represents a $1.24 annualized dividend and a dividend yield of 5.55%. This is an increase from Financial Institutions's previous quarterly dividend of $0.30. Financial Institutions's payout ratio is currently -85.52%.

Analysts Set New Price Targets

A number of brokerages have issued reports on FISI. Keefe, Bruyette & Woods upgraded Financial Institutions from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $29.00 to $34.00 in a research note on Monday, February 3rd. StockNews.com upgraded Financial Institutions from a "sell" rating to a "hold" rating in a research note on Tuesday, February 11th. Piper Sandler initiated coverage on shares of Financial Institutions in a research report on Friday, December 20th. They set an "overweight" rating and a $33.00 price objective on the stock. Finally, Stephens restated an "equal weight" rating and set a $32.00 target price on shares of Financial Institutions in a research report 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.