Courier Capital LLC Sells 100,061 Shares of Financial Institutions, Inc. $FISI

by · The Cerbat Gem

Courier Capital LLC trimmed its stake in shares of Financial Institutions, Inc. (NASDAQ:FISI – Free Report) by 28.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 252,523 shares of the bank’s stock after selling 100,061 shares during the quarter. Courier Capital LLC’s holdings in Financial Institutions were worth $6,485,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. PL Capital Advisors LLC lifted its holdings in Financial Institutions by 153.3% in the 1st quarter. PL Capital Advisors LLC now owns 1,261,010 shares of the bank’s stock worth $31,475,000 after buying an additional 763,259 shares during the period. Rhino Investment Partners Inc lifted its stake in shares of Financial Institutions by 19.9% in the 1st quarter. Rhino Investment Partners Inc now owns 313,082 shares of the bank’s stock valued at $7,815,000 after purchasing an additional 52,031 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Financial Institutions by 9.0% in the 1st quarter. Bank of New York Mellon Corp now owns 138,103 shares of the bank’s stock valued at $3,447,000 after purchasing an additional 11,452 shares during the period. Rhumbline Advisers lifted its stake in shares of Financial Institutions by 5.0% in the 1st quarter. Rhumbline Advisers now owns 24,489 shares of the bank’s stock valued at $611,000 after purchasing an additional 1,157 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of Financial Institutions by 10.0% in the 1st quarter. Victory Capital Management Inc. now owns 37,000 shares of the bank’s stock valued at $924,000 after purchasing an additional 3,355 shares during the period. Hedge funds and other institutional investors own 60.45% of the company’s stock.

Financial Institutions Stock Up 1.6%

Shares of NASDAQ:FISI opened at $26.67 on Tuesday. The stock has a fifty day simple moving average of $26.76 and a two-hundred day simple moving average of $25.84. The stock has a market capitalization of $536.87 million, a price-to-earnings ratio of -17.55 and a beta of 0.71. Financial Institutions, Inc. has a 12-month low of $20.97 and a 12-month high of $29.78. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.20.

Financial Institutions (NASDAQ:FISI – Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The bank reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.07. The business had revenue of $59.74 million during the quarter, compared to analysts’ expectations of $59.86 million. Financial Institutions had a positive return on equity of 10.44% and a negative net margin of 4.96%. On average, research analysts anticipate that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions declared that its board has authorized a stock buyback program on Monday, September 22nd that allows the company to repurchase $1.00 million in shares. This repurchase authorization allows the bank to buy up to 0.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Financial Institutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 2nd. Shareholders of record on Monday, September 15th were paid a dividend of $0.31 per share. The ex-dividend date was Monday, September 15th. This represents a $1.24 dividend on an annualized basis and a yield of 4.6%. Financial Institutions’s payout ratio is presently -81.58%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wall Street Zen cut Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Weiss Ratings restated a “sell (d+)” rating on shares of Financial Institutions in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $33.00.

Get Our Latest Analysis on Financial Institutions

About Financial Institutions

(Free Report)

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.

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