Short Interest in Financial Institutions, Inc. (NASDAQ:FISI) Increases By 12.7%

Financial Institutions, Inc. (NASDAQ:FISI) saw a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 107,700 shares, an increase of 12.7% from the August 31st total of 95,600 shares. Based on an average daily trading volume, of 57,100 shares, the short-interest ratio is presently 1.9 days. Currently, 0.7% of the shares of the company are sold short.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. 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 reiterated a “market perform” rating and set a $25.00 price objective (up previously from $20.00) on shares of Financial Institutions in a research note on Monday, July 29th.

Financial Institutions Price Performance

Financial Institutions stock traded up $0.02 during mid-day trading on Friday, hitting $25.18. The company’s stock had a trading volume of 18,034 shares, compared to its average volume of 52,592. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $388.96 million, a P/E ratio of 10.03 and a beta of 0.89. Financial Institutions has a twelve month low of $15.22 and a twelve month high of $27.75. The stock’s fifty day moving average price is $24.88 and its two-hundred day moving average price is $20.57.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.92. The firm had revenue of $102.80 million for the quarter. Financial Institutions had a net margin of 13.95% and a return on equity of 12.06%. During the same quarter last year, the firm posted $0.91 EPS. Research analysts forecast that Financial Institutions will post 3.64 earnings per share for the current year.

Financial Institutions Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Friday, September 13th will be given a $0.30 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 4.77%. Financial Institutions’s dividend payout ratio (DPR) is 47.81%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Innealta Capital LLC purchased a new position in Financial Institutions during the 2nd quarter worth approximately $25,000. Lazard Asset Management LLC purchased a new position in Financial Institutions during the 1st quarter worth approximately $98,000. CWM LLC grew its position in Financial Institutions by 150.4% during the 2nd quarter. CWM LLC now owns 5,438 shares of the bank’s stock worth $105,000 after purchasing an additional 3,266 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Financial Institutions by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,811 shares of the bank’s stock worth $166,000 after purchasing an additional 742 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Financial Institutions by 11.0% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 12,276 shares of the bank’s stock worth $237,000 after purchasing an additional 1,216 shares in the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.

About Financial Institutions

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.