Victory Capital Management Inc. Has $918,000 Stake in Financial Institutions, Inc. (NASDAQ:FISI)

Victory Capital Management Inc. lowered its stake in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 7.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 33,645 shares of the bank’s stock after selling 2,855 shares during the period. Victory Capital Management Inc.’s holdings in Financial Institutions were worth $918,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. R Squared Ltd acquired a new position in Financial Institutions in the 4th quarter valued at approximately $30,000. SG Americas Securities LLC increased its position in shares of Financial Institutions by 14.9% during the fourth quarter. SG Americas Securities LLC now owns 7,418 shares of the bank’s stock valued at $202,000 after purchasing an additional 964 shares during the period. Stonebrook Private Inc. acquired a new position in shares of Financial Institutions in the third quarter valued at $218,000. XTX Topco Ltd bought a new position in Financial Institutions in the third quarter worth $224,000. Finally, Proficio Capital Partners LLC acquired a new stake in Financial Institutions during the fourth quarter worth $318,000. Institutional investors own 60.45% of the company’s stock.

Wall Street Analyst Weigh In

FISI has been the subject of a number of recent research reports. StockNews.com upgraded 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 upped their target price for the company from $29.00 to $34.00 in a research note on Monday, February 3rd. Stephens reissued an “equal weight” rating and issued a $32.00 target price on shares of Financial Institutions in a research note on Tuesday, March 11th. Finally, Piper Sandler began coverage on shares of Financial Institutions in a research note on Friday, December 20th. They issued an “overweight” rating and a $33.00 target price on the stock.

Financial Institutions Stock Performance

NASDAQ FISI opened at $25.68 on Friday. The stock has a market cap of $515.60 million, a P/E ratio of -17.71 and a beta of 0.86. The company’s 50-day simple moving average is $27.28 and its 200 day simple moving average is $26.55. Financial Institutions, Inc. has a twelve month low of $16.29 and a twelve month high of $29.79. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.26.

Financial Institutions (NASDAQ:FISI) last posted 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 negative net margin of 6.69% and a positive return on equity of 11.12%. As a group, research analysts forecast that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Friday, March 14th will be given a $0.31 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Financial Institutions’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 4.83%. Financial Institutions’s payout ratio is -85.52%.

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.