American Century Companies Inc. Increases Stock Position in Financial Institutions, Inc. (NASDAQ:FISI)

American Century Companies Inc. grew its position in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 10.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 267,576 shares of the bank’s stock after buying an additional 25,439 shares during the quarter. American Century Companies Inc.’s holdings in Financial Institutions were worth $5,170,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Acadian Asset Management LLC lifted its holdings in shares of Financial Institutions by 8.7% in the 2nd quarter. Acadian Asset Management LLC now owns 324,263 shares of the bank’s stock valued at $6,263,000 after purchasing an additional 25,865 shares during the last quarter. Victory Capital Management Inc. increased its position in Financial Institutions by 25.0% during the second quarter. Victory Capital Management Inc. now owns 37,500 shares of the bank’s stock worth $724,000 after buying an additional 7,500 shares during the period. Innealta Capital LLC purchased a new stake in Financial Institutions in the second quarter valued at approximately $25,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Financial Institutions by 23.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 10,837 shares of the bank’s stock valued at $209,000 after acquiring an additional 2,026 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Financial Institutions by 1.7% during the second quarter. Bank of New York Mellon Corp now owns 155,257 shares of the bank’s stock worth $3,000,000 after acquiring an additional 2,653 shares during the last quarter. Hedge funds and other institutional investors own 60.45% of the company’s stock.

Financial Institutions Stock Performance

NASDAQ:FISI opened at $24.97 on Thursday. The firm has a market cap of $385.71 million, a price-to-earnings ratio of 9.95 and a beta of 0.89. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.86 and a quick ratio of 0.86. Financial Institutions, Inc. has a 1-year low of $15.22 and a 1-year high of $27.75. The firm’s fifty day moving average price is $24.76 and its 200 day moving average price is $20.48.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Thursday, July 25th. The bank reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.92. Financial Institutions had a net margin of 13.95% and a return on equity of 12.06%. The firm had revenue of $102.80 million during the quarter. During the same quarter in the previous year, the business earned $0.91 EPS. On average, sell-side analysts expect that Financial Institutions, Inc. will post 3.64 EPS for the current year.

Financial Institutions Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Friday, September 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date of this dividend is Friday, September 13th. Financial Institutions’s dividend payout ratio is presently 47.81%.

Analysts Set New Price Targets

FISI has been the subject of a number of recent research reports. StockNews.com upgraded shares of Financial Institutions from a “hold” rating to a “buy” rating in a research note on Saturday, September 21st. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $25.00 price target (up previously from $20.00) on shares of Financial Institutions in a report on Monday, July 29th.

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.