Summit Global Investments Acquires New Position in Financial Institutions, Inc. (NASDAQ:FISI)

Summit Global Investments bought a new position in Financial Institutions, Inc. (NASDAQ:FISI) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 15,060 shares of the bank’s stock, valued at approximately $384,000.

Other large investors have also bought and sold shares of the company. PL Capital Advisors LLC boosted its stake in Financial Institutions by 408.0% during the 3rd quarter. PL Capital Advisors LLC now owns 1,771,516 shares of the bank’s stock valued at $45,121,000 after purchasing an additional 1,422,765 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of Financial Institutions by 27.7% during the first quarter. Acadian Asset Management LLC now owns 298,398 shares of the bank’s stock valued at $5,615,000 after buying an additional 64,680 shares during the last quarter. AQR Capital Management LLC increased its holdings in Financial Institutions by 147.3% in the 2nd quarter. AQR Capital Management LLC now owns 63,213 shares of the bank’s stock worth $1,221,000 after buying an additional 37,653 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Financial Institutions by 9.0% in the 2nd quarter. Renaissance Technologies LLC now owns 332,500 shares of the bank’s stock worth $6,424,000 after buying an additional 27,400 shares in the last quarter. Finally, American Century Companies Inc. raised its position in Financial Institutions by 10.5% in the 2nd quarter. American Century Companies Inc. now owns 267,576 shares of the bank’s stock worth $5,170,000 after buying an additional 25,439 shares during the last quarter. 60.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on FISI. StockNews.com lowered shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $25.00 target price (up previously from $20.00) on shares of Financial Institutions in a research report on Monday, July 29th.

Financial Institutions Trading Up 1.2 %

Financial Institutions stock opened at $26.96 on Monday. Financial Institutions, Inc. has a 52-week low of $16.10 and a 52-week high of $28.00. The company has a market cap of $417.07 million, a P/E ratio of 8.48 and a beta of 0.90. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.26. The business has a 50-day simple moving average of $25.28 and a two-hundred day simple moving average of $22.14.

Financial Institutions (NASDAQ:FISI) last announced its 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. Financial Institutions had a net margin of 13.72% and a return on equity of 11.32%. The company had revenue of $50.12 million during the quarter. During the same quarter last year, the firm posted $0.88 earnings per share. Analysts predict that Financial Institutions, Inc. will post 3.6 EPS for the current year.

Financial Institutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 2nd. Investors of record on Friday, September 13th were issued a $0.30 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a yield of 4.45%. Financial Institutions’s dividend payout ratio is currently 37.74%.

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.