Bank of Montreal Can grew its position in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 11.6% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 99,071 shares of the bank’s stock after buying an additional 10,323 shares during the quarter. Bank of Montreal Can’s holdings in Financial Institutions were worth $1,516,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of FISI. Meeder Asset Management Inc. grew its stake in shares of Financial Institutions by 52.0% during the first quarter. Meeder Asset Management Inc. now owns 2,137 shares of the bank’s stock valued at $39,000 after purchasing an additional 731 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Financial Institutions by 23.8% in the first quarter. BNP Paribas Arbitrage SA now owns 4,798 shares of the bank’s stock valued at $87,000 after buying an additional 923 shares during the period. Citigroup Inc. lifted its holdings in Financial Institutions by 52.4% in the first quarter. Citigroup Inc. now owns 5,427 shares of the bank’s stock valued at $99,000 after buying an additional 1,867 shares during the period. SG Americas Securities LLC acquired a new position in Financial Institutions in the second quarter valued at approximately $160,000. Finally, Deutsche Bank AG lifted its holdings in Financial Institutions by 41.8% in the first quarter. Deutsche Bank AG now owns 10,357 shares of the bank’s stock valued at $188,000 after buying an additional 3,051 shares during the period. 73.70% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have weighed in on the stock. BidaskClub upgraded shares of Financial Institutions from a “sell” rating to a “hold” rating in a report on Tuesday. Sidoti assumed coverage on shares of Financial Institutions in a report on Friday, July 31st. They issued a “neutral” rating on the stock. Zacks Investment Research upgraded shares of Financial Institutions from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods cut their target price on shares of Financial Institutions from $24.00 to $22.00 and set a “market perform” rating on the stock in a report on Friday, July 31st. Finally, ValuEngine lowered shares of Financial Institutions from a “sell” rating to a “strong sell” rating in a report on Monday, August 3rd. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Financial Institutions presently has a consensus rating of “Hold” and an average price target of $22.00.
Shares of NASDAQ:FISI opened at $17.20 on Wednesday. Financial Institutions, Inc. has a 12 month low of $12.78 and a 12 month high of $33.28. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.09. The company’s fifty day simple moving average is $16.69 and its 200 day simple moving average is $17.73. The firm has a market cap of $275.85 million, a price-to-earnings ratio of 7.51 and a beta of 1.10.
Financial Institutions (NASDAQ:FISI) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.40. Financial Institutions had a net margin of 18.20% and a return on equity of 8.96%. The business had revenue of $44.01 million for the quarter, compared to analyst estimates of $42.72 million. Research analysts expect that Financial Institutions, Inc. will post 1.98 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Friday, September 11th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 6.05%. The ex-dividend date of this dividend is Thursday, September 10th. Financial Institutions’s dividend payout ratio (DPR) is currently 35.14%.
About Financial Institutions
Financial Institutions, Inc operates as the holding company for Five Star Bank that provides banking and financial services to individuals, municipalities, and businesses. It operates in two segments, Banking and Non-Banking. The company offers checking and savings account programs, including money market accounts, certificates of deposit, and sweep investments, as well as individual retirement and other qualified plan accounts.
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