Analysts at Hovde Group initiated coverage on shares of Financial Institutions, Inc. (NASDAQ:FISI) in a research note issued on Monday. The firm set an “outperform” rating on the stock.
Shares of Financial Institutions (NASDAQ:FISI) traded down 2.52% during mid-day trading on Monday, hitting $32.90. 26,495 shares of the stock were exchanged. The stock has a market cap of $474.52 million, a PE ratio of 15.67 and a beta of 1.04. Financial Institutions has a one year low of $24.56 and a one year high of $35.40. The company has a 50-day moving average of $33.90 and a 200 day moving average of $30.73.
Financial Institutions (NASDAQ:FISI) last issued its earnings results on Tuesday, January 24th. The company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.06. Financial Institutions had a net margin of 21.15% and a return on equity of 10.52%. On average, equities analysts predict that Financial Institutions will post $2.14 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Tuesday, March 14th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, March 10th. This represents a $0.84 annualized dividend and a yield of 2.55%. Financial Institutions’s payout ratio is currently 40.00%.
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In other Financial Institutions news, Director John E. Benjamin sold 1,700 shares of the company’s stock in a transaction dated Monday, January 30th. The shares were sold at an average price of $33.84, for a total transaction of $57,528.00. Following the transaction, the director now directly owns 21,555 shares in the company, valued at $729,421.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 6.23% of the company’s stock.
Several hedge funds have recently made changes to their positions in FISI. Renaissance Technologies LLC increased its stake in shares of Financial Institutions by 105.4% in the fourth quarter. Renaissance Technologies LLC now owns 251,800 shares of the company’s stock valued at $8,612,000 after buying an additional 129,200 shares during the period. Martingale Asset Management L P increased its stake in shares of Financial Institutions by 282.4% in the fourth quarter. Martingale Asset Management L P now owns 96,036 shares of the company’s stock valued at $3,285,000 after buying an additional 70,922 shares during the period. Two Sigma Investments LP increased its stake in shares of Financial Institutions by 254.5% in the fourth quarter. Two Sigma Investments LP now owns 65,274 shares of the company’s stock valued at $2,232,000 after buying an additional 46,859 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of Financial Institutions during the fourth quarter valued at about $1,533,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Financial Institutions by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 834,925 shares of the company’s stock valued at $28,554,000 after buying an additional 24,731 shares during the period. 61.49% of the stock is currently owned by institutional investors.
About Financial Institutions
Financial Institutions, Inc (FII) is a financial holding company. The Company conducts its business through its subsidiaries: Five Star Bank (the Bank), a New York chartered bank, and Scott Danahy Naylon, LLC (SDN), a full service insurance agency. The Company offers an array of deposit, lending, insurance services and other financial services to individuals, municipalities and businesses in Western and Central New York through the Bank.
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