Rhumbline Advisers Lowers Holdings in Financial Institutions, Inc. (NASDAQ:FISI)

Rhumbline Advisers decreased its holdings in Financial Institutions, Inc. (NASDAQ:FISI) by 6.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,092 shares of the bank’s stock after selling 1,796 shares during the period. Rhumbline Advisers’ holdings in Financial Institutions were worth $465,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FISI. Innealta Capital LLC purchased a new position in Financial Institutions in the 2nd quarter worth approximately $25,000. Allspring Global Investments Holdings LLC raised its position in shares of Financial Institutions by 23.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 10,837 shares of the bank’s stock valued at $209,000 after buying an additional 2,026 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Financial Institutions by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 155,257 shares of the bank’s stock worth $3,000,000 after buying an additional 2,653 shares in the last quarter. Courier Capital LLC boosted its position in shares of Financial Institutions by 1.0% during the second quarter. Courier Capital LLC now owns 342,175 shares of the bank’s stock worth $6,611,000 after acquiring an additional 3,489 shares during the last quarter. Finally, PL Capital Advisors LLC boosted its position in shares of Financial Institutions by 15.8% during the second quarter. PL Capital Advisors LLC now owns 348,751 shares of the bank’s stock worth $6,738,000 after acquiring an additional 47,470 shares during the last quarter. Hedge funds and other institutional investors own 60.45% of the company’s stock.

Financial Institutions Stock Up 0.8 %

NASDAQ FISI opened at $25.16 on Friday. The stock has a 50 day moving average price of $24.81 and a 200-day moving average price of $20.51. Financial Institutions, Inc. has a one year low of $15.22 and a one year high of $27.75. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $388.65 million, a P/E ratio of 10.02 and a beta of 0.89.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings data on Thursday, July 25th. The bank reported $1.62 EPS for the quarter, beating the consensus estimate of $0.70 by $0.92. Financial Institutions had a net margin of 13.95% and a return on equity of 12.06%. The business had revenue of $102.80 million during the quarter. During the same quarter last year, the business earned $0.91 EPS. As a group, equities analysts predict that Financial Institutions, Inc. will post 3.64 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Friday, September 13th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 4.77%. Financial Institutions’s payout ratio is currently 47.81%.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $25.00 price target (up from $20.00) on shares of Financial Institutions in a report on Monday, July 29th. StockNews.com upgraded Financial Institutions from a “hold” rating to a “buy” rating in a research report on Saturday, September 21st.

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.