Zacks Investment Management Acquires New Stake in Financial Institutions, Inc. (NASDAQ:FISI)

Zacks Investment Management has established a new position in Financial Institutions, Inc. (NASDAQ:FISI - Free Report) during the third quarter, as noted in its most recent filing with the Securities and Exchange Commission. The investment firm acquired a total of 184,767 shares of the bank, which amounts to an approximate value of $4,706,000. This acquisition means that at the end of the last quarter, Zacks Investment Management held approximately 1.19% of Financial Institutions.

Moreover, several other institutional investors have also made noteworthy adjustments to their holdings in Financial Institutions. Notably, PL Capital Advisors LLC increased its stake in the company significantly by 408.0% during the third quarter. After purchasing an additional 1,422,765 shares, PL Capital Advisors now owns 1,771,516 shares valued at around $45,121,000. Segall Bryant & Hamill LLC also entered the scene by acquiring a new stake in Financial Institutions worth about $1,364,000 in the same quarter. Further enhancing their portfolio, AQR Capital Management LLC raised its holdings in Financial Institutions by 147.3% during the previous quarter, now owning 63,213 shares valued at $1,221,000. Similarly, Renaissance Technologies LLC has boosted its stake by 9.0%, owning 332,500 shares worth approximately $6,424,000, following an increase of 27,400 shares. Acadian Asset Management LLC also raised its holdings by 8.7%, bringing their total shares to 324,263, valued at approximately $6,263,000. Currently, institutional investors and hedge funds own about 60.45% of Financial Institutions’ stock.

Performance of Financial Institutions Stock

As of Monday, shares of NASDAQ:FISI opened at $26.73. The bank has recorded a 12-month low of $16.29 and a high of $29.14. The company also reports a 50-day moving average price of $25.94 and a 200-day moving average price of $23.39. Financial Institutions has a market capitalization of $413.62 million, a price-to-earnings (P/E) ratio of 8.41, and a beta of 0.92. Their quick ratio and current ratio both stand at 0.86, while their debt-to-equity ratio is 0.26.

Financial Institutions (NASDAQ:FISI - Get Free Report) recently released its quarterly earnings report on October 24th. The company reported earnings per share (EPS) of $0.84, surpassing the analysts' consensus estimates of $0.76 by $0.08. The total revenue for the quarter was $50.12 million. Financial Institutions boasted a return on equity of 11.32% and a net margin of 13.72%. In comparison to the previous year’s earnings of $0.88 EPS during the same period, the company is expected to deliver approximately 3.66 EPS for the current financial year.

Dividend Announcement by Financial Institutions

In addition, Financial Institutions has recently declared a quarterly dividend that is set to be paid on Thursday, January 2nd. Stockholders on record as of Friday, December 13th, will receive a dividend of $0.30 per share. The ex-dividend date is also on December 13th. This dividend corresponds to an annualized payment of $1.20, creating a dividend yield of 4.49%. Presently, Financial Institutions maintains a dividend payout ratio (DPR) of 37.74%.

Analysts Adjust Price Targets

Recently, a number of financial analysts have commented on FISI shares. In a report on October 2nd, StockNews.com downgraded Financial Institutions from a "buy" rating to a "hold" rating. Meanwhile, Keefe, Bruyette & Woods raised their price target for Financial Institutions from $27.00 to $28.00, designating the bank with a "market perform" rating in a report dated December 4th.

Overview of Financial Institutions

Financial Institutions, Inc. operates as a holding company for the Five Star Bank, a chartered bank that offers various banking and financial services to individuals, businesses, and municipalities in New York. Their services include checking and savings accounts, money market accounts, certificates of deposit, and retirement plan accounts.

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