Financial Institutions, Inc. (NASDAQ:FISI) Shares Sold by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. reduced its holdings in Financial Institutions, Inc. (NASDAQ:FISI) by 47.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 5,000 shares of the bank’s stock after selling 4,500 shares during the period. Hillsdale Investment Management Inc.’s holdings in Financial Institutions were worth $136,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of FISI. Zacks Investment Management bought a new position in Financial Institutions in the third quarter worth about $4,706,000. Barclays PLC lifted its holdings in shares of Financial Institutions by 48.4% in the 3rd quarter. Barclays PLC now owns 44,798 shares of the bank’s stock worth $1,141,000 after purchasing an additional 14,606 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Financial Institutions by 32.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 97,559 shares of the bank’s stock valued at $2,485,000 after purchasing an additional 23,885 shares during the period. Proficio Capital Partners LLC bought a new position in Financial Institutions during the 4th quarter worth $318,000. Finally, PL Capital Advisors LLC increased its position in Financial Institutions by 666.8% in the fourth quarter. PL Capital Advisors LLC now owns 13,583,625 shares of the bank’s stock worth $370,697,000 after buying an additional 11,812,109 shares during the period. 60.45% of the stock is owned by institutional investors and hedge funds.

Financial Institutions Stock Performance

FISI stock opened at $26.31 on Tuesday. The company has a 50-day simple moving average of $27.29 and a 200 day simple moving average of $26.57. The company has a market capitalization of $528.25 million, a P/E ratio of -18.14 and a beta of 0.86. 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, Inc. has a fifty-two week low of $16.29 and a fifty-two week high of $29.79.

Financial Institutions (NASDAQ:FISI) last issued its quarterly 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%. Sell-side analysts predict that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Friday, March 14th will be paid a dividend of $0.31 per share. This is a positive change from Financial Institutions’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 4.71%. The ex-dividend date is Friday, March 14th. Financial Institutions’s dividend payout ratio (DPR) is presently -85.52%.

Wall Street Analyst Weigh In

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

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.