Short Interest in Financial Institutions, Inc. (NASDAQ:FISI) Rises By 32.8%

Key Points

• Short interest rose 32.8% to 536,799 shares as of March 13, equal to 2.8% of shares outstanding and a short-interest ratio of 4.2 days.
• The board raised the quarterly dividend to $0.32 (annualized $1.28), a ~4.1% yield with an ex-dividend date of March 13.
• Analysts have grown more positive — MarketBeat shows a Moderate Buy consensus with a $37 price target (KBW at $38) after upgrades, and the company recently posted a slight EPS beat ($0.96 vs. $0.95) while trading at a P/E of ~8.6.

Financial Institutions, Inc. (NASDAQ:FISI - Get Free Report) was the target of a large increase in short interest in March. As of March 13th, there was short interest totaling 536,799 shares, an increase of 32.8% from the February 26th total of 404,236 shares. Based on an average daily volume of 126,921 shares, the short-interest ratio is presently 4.2 days. Currently, 2.8% of the shares of the company are sold short.

Institutional Trading of Financial Institutions

A number of hedge funds have recently added to or reduced their stakes in the stock. Larson Financial Group LLC lifted its stake in shares of Financial Institutions by 3,150.0% in the third quarter. Larson Financial Group LLC now owns 1,170 shares of the bank's stock valued at $32,000 after purchasing an additional 1,134 shares during the period. Comerica Bank grew its position in Financial Institutions by 39.8% during the third quarter. Comerica Bank now owns 1,647 shares of the bank's stock worth $45,000 after buying an additional 469 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Financial Institutions by 679.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,738 shares of the bank's stock valued at $45,000 after buying an additional 1,515 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of Financial Institutions by 44.8% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,607 shares of the bank's stock valued at $50,000 after acquiring an additional 497 shares during the period. Finally, Advisory Services Network LLC acquired a new stake in shares of Financial Institutions during the 3rd quarter valued at approximately $53,000. 60.45% of the stock is owned by institutional investors and hedge funds.

Financial Institutions Stock Down 1.1%

Financial Institutions stock traded down $0.34 during mid-day trading on Friday, reaching $30.89. 81,280 shares of the company's stock were exchanged, compared to its average volume of 142,805. The company has a fifty day moving average of $32.38 and a 200-day moving average of $30.42. The company has a market cap of $606.49 million, a P/E ratio of 8.56 and a beta of 0.68. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Financial Institutions has a twelve month low of $20.97 and a twelve month high of $35.47.

Financial Institutions (NASDAQ:FISI - Get Free Report) last issued its earnings results on Thursday, January 29th. The bank reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.01. The firm had revenue of $64.12 million during the quarter, compared to the consensus estimate of $62.99 million. Financial Institutions had a net margin of 19.81% and a return on equity of 12.62%. Sell-side analysts expect that Financial Institutions will post 3.3 EPS for the current year.

Financial Institutions Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Friday, March 13th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.1%. This is a boost from Financial Institutions's previous quarterly dividend of $0.31. The ex-dividend date is Friday, March 13th. Financial Institutions's payout ratio is 35.46%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Weiss Ratings raised Financial Institutions from a "hold (c-)" rating to a "buy (b-)" rating in a report on Thursday, March 12th. Piper Sandler restated a "neutral" rating and issued a $36.00 target price (up from $34.00) on shares of Financial Institutions in a report on Monday, February 2nd. Wall Street Zen raised Financial Institutions from a "hold" rating to a "buy" rating in a research note on Saturday, February 14th. Zacks Research upgraded Financial Institutions to a "hold" rating in a report on Thursday, December 18th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Financial Institutions from $35.00 to $38.00 and gave the company an "outperform" rating in a research report on Monday, February 2nd. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

Financial Institutions Company Profile

Financial Institutions, Inc NASDAQ: FISI is a non-diversified, closed-end management investment company that seeks to provide tax-advantaged income to shareholders. The company invests primarily in investment-grade municipal obligations issued by states, municipalities and government agencies across the United States. By focusing on high-credit-quality bonds, Financial Institutions aims to deliver current income that is exempt from federal income tax.

In constructing its portfolio, the company may also utilize money market instruments and repurchase agreements to manage liquidity and facilitate efficient settlement.

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