JPMorgan Chase & Co. decreased its position in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 7.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 482,258 shares of the bank’s stock after selling 37,265 shares during the quarter. JPMorgan Chase & Co. owned approximately 3.09% of Financial Institutions worth $13,720,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in Financial Institutions by 8.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 967,271 shares of the bank’s stock valued at $28,825,000 after purchasing an additional 77,202 shares in the last quarter. Commonwealth Equity Services Inc boosted its holdings in Financial Institutions by 0.9% in the 3rd quarter. Commonwealth Equity Services Inc now owns 617,858 shares of the bank’s stock valued at $17,794,000 after purchasing an additional 5,295 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Financial Institutions by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 589,796 shares of the bank’s stock valued at $17,576,000 after purchasing an additional 5,443 shares in the last quarter. Northern Trust Corp lifted its position in shares of Financial Institutions by 2.2% during the 2nd quarter. Northern Trust Corp now owns 281,828 shares of the bank’s stock valued at $8,398,000 after acquiring an additional 6,132 shares during the period. Finally, State Street Corp lifted its position in shares of Financial Institutions by 9.0% during the 2nd quarter. State Street Corp now owns 262,643 shares of the bank’s stock valued at $7,829,000 after acquiring an additional 21,760 shares during the period. 69.20% of the stock is currently owned by institutional investors.
In other Financial Institutions news, insider Joseph L. Dugan acquired 930 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The shares were purchased at an average price of $32.15 per share, for a total transaction of $29,899.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Martin Kearney Birmingham acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were acquired at an average price of $31.65 per share, for a total transaction of $31,650.00. Following the purchase, the chief executive officer now owns 82,916 shares of the company’s stock, valued at $2,624,291.40. The disclosure for this purchase can be found here. Insiders acquired a total of 4,939 shares of company stock worth $158,934 in the last quarter. 5.49% of the stock is currently owned by company insiders.
Shares of Financial Institutions, Inc. (NASDAQ FISI) traded down $0.20 during midday trading on Friday, hitting $32.55. 28,608 shares of the stock traded hands, compared to its average volume of 50,344. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.75 and a quick ratio of 0.75. Financial Institutions, Inc. has a one year low of $25.65 and a one year high of $35.40. The stock has a market cap of $483.35, a PE ratio of 16.19 and a beta of 1.24.
Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings results on Tuesday, October 24th. The bank reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Financial Institutions had a net margin of 19.46% and a return on equity of 9.66%. The firm had revenue of $37.01 million during the quarter. sell-side analysts forecast that Financial Institutions, Inc. will post 1.94 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Thursday, December 14th were issued a $0.22 dividend. The ex-dividend date was Wednesday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.70%. This is a positive change from Financial Institutions’s previous quarterly dividend of $0.21. Financial Institutions’s payout ratio is currently 43.78%.
A number of equities research analysts have recently issued reports on FISI shares. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $33.00 price target on shares of Financial Institutions in a research report on Friday, September 22nd. BidaskClub downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a research report on Tuesday, December 19th. Piper Jaffray Companies restated a “hold” rating and set a $31.50 price objective on shares of Financial Institutions in a research report on Wednesday, October 4th. Finally, ValuEngine upgraded Financial Institutions from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $32.25.
Financial Institutions Company Profile
Financial Institutions, Inc is a financial holding company. The Company conducts its business through its subsidiaries: Five Star Bank (the Bank), a New York chartered bank; Scott Danahy Naylon, LLC (SDN), a full service insurance agency, and Courier Capital, LLC (Courier Capital), an investment advisory and wealth management company.
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