Charles Schwab Investment Management Inc. Buys 895 Shares of Financial Institutions, Inc. (NASDAQ:FISI)

Charles Schwab Investment Management Inc. raised its position in Financial Institutions, Inc. (NASDAQ:FISI) by 0.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 125,323 shares of the bank’s stock after acquiring an additional 895 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.81% of Financial Institutions worth $3,420,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. 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 buying an additional 964 shares during the period. R Squared Ltd bought a new position in shares of Financial Institutions in the 4th quarter worth approximately $30,000. Jacobs Levy Equity Management Inc. lifted its stake in shares of Financial Institutions by 1.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 59,725 shares of the bank’s stock valued at $1,521,000 after purchasing an additional 1,137 shares during the period. Courier Capital LLC raised its holdings in Financial Institutions by 0.5% in the fourth quarter. Courier Capital LLC now owns 352,126 shares of the bank’s stock worth $9,610,000 after purchasing an additional 1,887 shares in the last quarter. Finally, Empowered Funds LLC lifted its position in Financial Institutions by 5.1% during the fourth quarter. Empowered Funds LLC now owns 69,862 shares of the bank’s stock valued at $1,907,000 after buying an additional 3,412 shares during the period. 60.45% of the stock is owned by institutional investors.

Financial Institutions Price Performance

Shares of NASDAQ:FISI opened at $25.56 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $513.19 million, a price-to-earnings ratio of -17.63 and a beta of 0.86. The business has a 50-day simple moving average of $27.22 and a two-hundred day simple moving average of $26.57. Financial Institutions, Inc. has a fifty-two week low of $16.29 and a fifty-two week high of $29.79.

Financial Institutions (NASDAQ:FISI) last released its quarterly earnings data 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, analysts expect 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. Stockholders of record on Friday, March 14th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 4.85%. This is a boost from Financial Institutions’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Friday, March 14th. Financial Institutions’s dividend payout ratio is presently -85.52%.

Wall Street Analyst Weigh In

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

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.