Rhumbline Advisers Sells 1,796 Shares of Financial Institutions, Inc. (NASDAQ:FISI)

Rhumbline Advisers reduced its position in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 6.9% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,092 shares of the bank’s stock after selling 1,796 shares during the quarter. Rhumbline Advisers owned 0.16% of Financial Institutions worth $465,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Innealta Capital LLC bought a new stake in shares of Financial Institutions during the second quarter valued at approximately $25,000. Allspring Global Investments Holdings LLC boosted its stake in Financial Institutions by 23.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 10,837 shares of the bank’s stock valued at $209,000 after purchasing an additional 2,026 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Financial Institutions by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 155,257 shares of the bank’s stock worth $3,000,000 after purchasing an additional 2,653 shares in the last quarter. Courier Capital LLC raised its stake in shares of Financial Institutions by 1.0% in the second quarter. Courier Capital LLC now owns 342,175 shares of the bank’s stock worth $6,611,000 after purchasing an additional 3,489 shares during the last quarter. Finally, PL Capital Advisors LLC lifted its holdings 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 valued at $6,738,000 after purchasing an additional 47,470 shares in the last quarter. 60.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Financial Institutions Stock Performance

FISI stock opened at $25.16 on Friday. The company has a market cap of $388.65 million, a P/E ratio of 10.02 and a beta of 0.89. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.86 and a quick ratio of 0.86. Financial Institutions, Inc. has a 1 year low of $15.22 and a 1 year high of $27.75. The stock’s fifty day moving average price is $24.81 and its 200-day moving average price is $20.51.

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

Financial Institutions Announces Dividend

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

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.