State Street Corp Boosts Position in Financial Institutions, Inc. (FISI)

State Street Corp increased its position in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 9.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 262,643 shares of the bank’s stock after buying an additional 21,760 shares during the period. State Street Corp owned about 1.75% of Financial Institutions worth $7,829,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Cornerstone Capital Management Holdings LLC. increased its stake in shares of Financial Institutions by 12.7% during the second quarter. Cornerstone Capital Management Holdings LLC. now owns 50,495 shares of the bank’s stock valued at $1,504,000 after buying an additional 5,700 shares during the period. Numeric Investors LLC grew its stake in Financial Institutions by 306.4% in the second quarter. Numeric Investors LLC now owns 241,803 shares of the bank’s stock valued at $7,206,000 after purchasing an additional 182,306 shares during the last quarter. Brandywine Global Investment Management LLC grew its stake in Financial Institutions by 17.4% in the second quarter. Brandywine Global Investment Management LLC now owns 4,732 shares of the bank’s stock valued at $142,000 after purchasing an additional 702 shares during the last quarter. OxFORD Asset Management LLP purchased a new position in Financial Institutions in the second quarter valued at about $304,000. Finally, Banc Funds Co. LLC grew its stake in Financial Institutions by 113.3% in the second quarter. Banc Funds Co. LLC now owns 188,261 shares of the bank’s stock valued at $5,610,000 after purchasing an additional 100,000 shares during the last quarter. Hedge funds and other institutional investors own 69.25% of the company’s stock.

In related news, insider Joseph L. Dugan acquired 930 shares of the stock in a transaction on Tuesday, November 21st. The shares were bought at an average price of $32.15 per share, with a total value of $29,899.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Martin Kearney Birmingham purchased 1,000 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was acquired at an average cost of $31.65 per share, for a total transaction of $31,650.00. Following the purchase, the chief executive officer now owns 82,916 shares in the company, valued at $2,624,291.40. The disclosure for this purchase can be found here. Insiders bought 4,939 shares of company stock valued at $158,934 over the last 90 days. Company insiders own 5.49% of the company’s stock.

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $33.00 price target on shares of Financial Institutions in a report on Thursday, October 26th. Piper Jaffray Companies reissued a “hold” rating and issued a $31.50 price target on shares of Financial Institutions in a report on Wednesday, October 4th. Finally, ValuEngine raised Financial Institutions from a “hold” rating to a “buy” rating in a report on Monday, October 2nd.

Shares of Financial Institutions, Inc. (NASDAQ:FISI) traded up $0.25 during mid-day trading on Friday, reaching $32.50. The company had a trading volume of 163,693 shares, compared to its average volume of 61,373. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.75 and a current ratio of 0.75. The stock has a market capitalization of $507.07, a PE ratio of 16.14 and a beta of 1.24. Financial Institutions, Inc. has a 52 week low of $25.65 and a 52 week high of $35.40.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings results on Tuesday, October 24th. The bank reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.02. The company had revenue of $37.01 million during the quarter. Financial Institutions had a return on equity of 9.66% and a net margin of 19.46%. research analysts anticipate that Financial Institutions, Inc. will post 1.94 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Thursday, December 14th will be given a $0.22 dividend. The ex-dividend date is Wednesday, December 13th. This is a boost from Financial Institutions’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.71%. Financial Institutions’s payout ratio is 43.78%.

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About Financial Institutions

Financial Institutions, Inc is a financial holding company. The Company conducts its business through its subsidiaries: Five Star Bank (the Bank), a New York chartered bank; Scott Danahy Naylon, LLC (SDN), a full service insurance agency, and Courier Capital, LLC (Courier Capital), an investment advisory and wealth management company.

Institutional Ownership by Quarter for Financial Institutions (NASDAQ:FISI)

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