State Street Corp Purchases 17,395 Shares of Financial Institutions, Inc. (NASDAQ:FISI)

State Street Corp boosted its position in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 6.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 283,707 shares of the bank’s stock after acquiring an additional 17,395 shares during the period. State Street Corp owned 1.83% of Financial Institutions worth $7,309,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Innealta Capital LLC bought a new position in shares of Financial Institutions in the second quarter worth about $25,000. US Bancorp DE grew its holdings in Financial Institutions by 119.3% in the 3rd quarter. US Bancorp DE now owns 2,572 shares of the bank’s stock valued at $66,000 after buying an additional 1,399 shares during the last quarter. SG Americas Securities LLC bought a new position in Financial Institutions in the 3rd quarter worth approximately $164,000. CWM LLC lifted its holdings in shares of Financial Institutions by 50.3% during the third quarter. CWM LLC now owns 8,172 shares of the bank’s stock worth $208,000 after buying an additional 2,734 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Financial Institutions by 23.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 10,837 shares of the bank’s stock valued at $209,000 after acquiring an additional 2,026 shares during the period. 60.45% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Robert N. Latella purchased 4,000 shares of the stock in a transaction on Friday, December 13th. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $100,000.00. Following the completion of the transaction, the director now directly owns 16,000 shares of the company’s stock, valued at approximately $400,000. The trade was a 33.33 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.68% of the company’s stock.

Financial Institutions Stock Performance

Shares of NASDAQ FISI opened at $27.01 on Friday. The firm has a market capitalization of $417.95 million, a price-to-earnings ratio of 8.49 and a beta of 0.92. Financial Institutions, Inc. has a one year low of $16.29 and a one year high of $29.34. The business has a fifty day simple moving average of $26.63 and a 200 day simple moving average of $24.34. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.08. The firm had revenue of $50.12 million for the quarter. Financial Institutions had a net margin of 13.72% and a return on equity of 11.32%. During the same period last year, the firm earned $0.88 EPS. Sell-side analysts expect that Financial Institutions, Inc. will post 3.66 EPS for the current year.

Financial Institutions Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 4.44%. The ex-dividend date is Friday, December 13th. Financial Institutions’s dividend payout ratio (DPR) is presently 37.74%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Piper Sandler assumed coverage on shares of Financial Institutions in a research report on Friday, December 20th. They set an “overweight” rating and a $33.00 target price on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Financial Institutions from $27.00 to $28.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, StockNews.com cut shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th.

Financial Institutions 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.