Proficio Capital Partners LLC Takes $318,000 Position in Financial Institutions, Inc. (NASDAQ:FISI)

Proficio Capital Partners LLC acquired a new position in Financial Institutions, Inc. (NASDAQ:FISI) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 11,652 shares of the bank’s stock, valued at approximately $318,000. Proficio Capital Partners LLC owned about 0.08% of Financial Institutions as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. US Bancorp DE lifted its holdings in Financial Institutions by 119.3% during the 3rd quarter. US Bancorp DE now owns 2,572 shares of the bank’s stock worth $66,000 after buying an additional 1,399 shares during the period. Los Angeles Capital Management LLC bought a new position in shares of Financial Institutions during the third quarter worth about $513,000. Empowered Funds LLC lifted its stake in shares of Financial Institutions by 5.3% in the third quarter. Empowered Funds LLC now owns 66,450 shares of the bank’s stock worth $1,692,000 after acquiring an additional 3,350 shares during the period. Segall Bryant & Hamill LLC bought a new stake in Financial Institutions in the third quarter valued at approximately $1,364,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Financial Institutions by 32.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 97,559 shares of the bank’s stock valued at $2,485,000 after acquiring an additional 23,885 shares during the last quarter. Institutional investors own 60.45% of the company’s stock.

Financial Institutions Stock Performance

Shares of FISI stock opened at $25.87 on Wednesday. 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, Inc. has a 52 week low of $16.29 and a 52 week high of $29.79. The firm has a 50 day moving average of $27.38 and a 200-day moving average of $26.55. The company has a market cap of $400.31 million, a price-to-earnings ratio of -17.84 and a beta of 0.86.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings results on Thursday, January 30th. The bank reported $0.54 earnings per share for the quarter, missing the consensus estimate 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%. On average, equities analysts forecast that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.

Financial Institutions Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Friday, March 14th will be paid a dividend of $0.31 per share. This is an increase from Financial Institutions’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date of this dividend is Friday, March 14th. Financial Institutions’s dividend payout ratio is -85.52%.

Analysts Set New Price Targets

FISI has been the topic of a number of recent analyst reports. Piper Sandler began coverage on shares of Financial Institutions in a research report on Friday, December 20th. They issued an “overweight” rating and a $33.00 price target on the stock. Keefe, Bruyette & Woods raised shares of Financial Institutions from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $29.00 to $34.00 in a research note on Monday, February 3rd. Stephens reaffirmed an “equal weight” rating and set a $32.00 price target on shares of Financial Institutions in a research report on Tuesday. Finally, StockNews.com raised Financial Institutions from a “sell” rating to a “hold” rating in a research report on Tuesday, February 11th.

Insiders Place Their Bets

In other Financial Institutions news, Director Robert N. Latella acquired 4,000 shares of the stock in a transaction on Friday, December 13th. The shares were purchased at an average price of $25.00 per share, for a total transaction of $100,000.00. Following the completion of the acquisition, the director now owns 16,000 shares in the company, valued at approximately $400,000. This represents a 33.33 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.68% of the company’s stock.

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.