Vanguard Group Inc. Acquires 106,612 Shares of Financial Institutions, Inc. (NASDAQ:FISI)

Vanguard Group Inc. increased its holdings in shares of Financial Institutions, Inc. (NASDAQ:FISI - Free Report) by 13.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 925,285 shares of the bank's stock after purchasing an additional 106,612 shares during the period. Vanguard Group Inc. owned approximately 5.98% of Financial Institutions worth $25,251,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. FMR LLC lifted its holdings in shares of Financial Institutions by 18.6% during the third quarter. FMR LLC now owns 38,368 shares of the bank's stock worth $977,000 after buying an additional 6,025 shares during the last quarter. State Street Corp increased its position in Financial Institutions by 6.5% during the third quarter. State Street Corp now owns 283,707 shares of the bank's stock worth $7,309,000 after acquiring an additional 17,395 shares during the period. XTX Topco Ltd bought a new position in Financial Institutions during the third quarter worth $224,000. Barclays PLC raised its stake in 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 last quarter. Finally, Geode Capital Management LLC raised its position in shares of Financial Institutions by 2.0% during the third quarter. Geode Capital Management LLC now owns 354,685 shares of the bank's stock valued at $9,036,000 after buying an additional 7,045 shares during the last quarter. Institutional investors own 60.45% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on FISI. StockNews.com upgraded Financial Institutions from a "sell" rating to a "hold" rating in a research note on Tuesday, February 11th. Keefe, Bruyette & Woods upgraded Financial Institutions from a "market perform" rating to an "outperform" rating and upped their target price for the company from $29.00 to $34.00 in a research note on Monday, February 3rd. Finally, Stephens reaffirmed an "equal weight" rating and issued a $32.00 target price on shares of Financial Institutions in a research report on Tuesday, March 11th.

Financial Institutions Price Performance

FISI traded down $0.11 during midday trading on Friday, reaching $22.35. 241,152 shares of the company's stock were exchanged, compared to its average volume of 98,181. Financial Institutions, Inc. has a one year low of $16.81 and a one year high of $29.79. The firm has a market capitalization of $448.74 million, a price-to-earnings ratio of -15.41 and a beta of 0.68. The business has a 50-day simple moving average of $25.61 and a two-hundred day simple moving average of $26.27. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.26.

Financial Institutions (NASDAQ:FISI - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The bank reported $0.54 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.20). Financial Institutions had a negative net margin of 6.69% and a positive return on equity of 11.12%. As a group, research analysts predict that Financial Institutions, Inc. will post 3.3 EPS for the current year.

Financial Institutions Increases Dividend

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

Financial Institutions Company Profile

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.