Mendon Capital Advisors Corp Makes New Investment in Financial Institutions, Inc. (NASDAQ:FISI)

Mendon Capital Advisors Corp purchased a new stake in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 100,000 shares of the bank's stock, valued at approximately $2,729,000. Financial Institutions comprises 1.3% of Mendon Capital Advisors Corp's holdings, making the stock its 22nd biggest holding. Mendon Capital Advisors Corp owned about 0.65% of Financial Institutions at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FISI. Picton Mahoney Asset Management lifted its position in Financial Institutions by 45.5% during the 4th quarter. Picton Mahoney Asset Management now owns 1,196 shares of the bank's stock valued at $32,000 after purchasing an additional 374 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Financial Institutions by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 125,323 shares of the bank's stock valued at $3,420,000 after acquiring an additional 895 shares during the last quarter. SG Americas Securities LLC grew its holdings in Financial Institutions by 14.9% during the 4th quarter. SG Americas Securities LLC now owns 7,418 shares of the bank's stock worth $202,000 after acquiring an additional 964 shares during the period. R Squared Ltd bought a new stake in shares of Financial Institutions during the 4th quarter valued at $30,000. Finally, Wells Fargo & Company MN boosted its position in shares of Financial Institutions by 14.3% in the 4th quarter. Wells Fargo & Company MN now owns 9,130 shares of the bank's stock worth $249,000 after purchasing an additional 1,141 shares during the last quarter. Institutional investors and hedge funds own 60.45% of the company's stock.

Wall Street Analysts Forecast Growth

FISI has been the topic of several analyst reports. Keefe, Bruyette & Woods raised Financial Institutions from a "market perform" rating to an "outperform" rating and increased their target price for the company from $29.00 to $34.00 in a research note on Monday, February 3rd. StockNews.com raised shares of Financial Institutions from a "sell" rating to a "hold" rating in a research note on Tuesday, February 11th. Finally, Stephens reissued an "equal weight" rating and set a $32.00 price target on shares of Financial Institutions in a research report on Tuesday, March 11th.

Financial Institutions Stock Down 0.4 %

FISI traded down $0.10 during trading on Friday, reaching $23.86. The company had a trading volume of 93,900 shares, compared to its average volume of 99,922. The business's fifty day moving average price is $25.08 and its 200 day moving average price is $26.21. 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, Inc. has a 12 month low of $16.81 and a 12 month high of $29.79. The company has a market cap of $479.82 million, a P/E ratio of -16.46 and a beta of 0.68.

Financial Institutions (NASDAQ:FISI - Get Free Report) last released its earnings results on Thursday, January 30th. The bank reported $0.54 earnings per share (EPS) 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%. Equities analysts anticipate that Financial Institutions, Inc. will post 3.3 EPS for the current year.

Financial Institutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Friday, March 14th were given a dividend of $0.31 per share. This is a positive change from Financial Institutions's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.24 annualized dividend and a dividend yield of 5.20%. Financial Institutions's payout ratio is -85.52%.

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.