Bank of New York Mellon Corp Has $3.46 Million Stock Position in Financial Institutions, Inc. (NASDAQ:FISI)

Bank of New York Mellon Corp lowered its position in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 11.3% in the fourth quarter, HoldingsChannel reports. The firm owned 126,651 shares of the bank’s stock after selling 16,163 shares during the period. Bank of New York Mellon Corp’s holdings in Financial Institutions were worth $3,456,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its position in shares of Financial Institutions by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 124,428 shares of the bank’s stock worth $3,169,000 after purchasing an additional 417 shares in the last quarter. SG Americas Securities LLC grew its holdings in Financial Institutions by 14.9% during the 4th quarter. SG Americas Securities LLC now owns 7,418 shares of the bank’s stock worth $202,000 after acquiring an additional 964 shares during the last quarter. R Squared Ltd bought a new stake in Financial Institutions during the 4th quarter worth about $30,000. Jacobs Levy Equity Management Inc. grew its holdings in Financial Institutions by 1.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 59,725 shares of the bank’s stock worth $1,521,000 after acquiring an additional 1,137 shares during the last quarter. Finally, Courier Capital LLC grew its holdings in Financial Institutions by 0.5% during the 4th quarter. Courier Capital LLC now owns 352,126 shares of the bank’s stock worth $9,610,000 after acquiring an additional 1,887 shares during the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.

Financial Institutions Price Performance

NASDAQ FISI opened at $25.98 on Thursday. The firm’s 50 day moving average is $27.29 and its 200-day moving average is $26.56. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $521.63 million, a PE ratio of -17.92 and a beta of 0.86. Financial Institutions, Inc. has a 12-month low of $16.29 and a 12-month high of $29.79.

Financial Institutions (NASDAQ:FISI) last issued its 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%. Equities research analysts anticipate that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Friday, March 14th will be issued a $0.31 dividend. This is an increase from Financial Institutions’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 4.77%. The ex-dividend date of this dividend is Friday, March 14th. Financial Institutions’s payout ratio is currently -85.52%.

Wall Street Analysts Forecast Growth

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

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.