Short Interest in Financial Institutions, Inc. (NASDAQ:FISI) Drops By 17.1%

Financial Institutions, Inc. (NASDAQ:FISI) was the recipient of a significant drop in short interest in December. As of December 31st, there was short interest totaling 390,306 shares, a drop of 17.1% from the December 15th total of 470,719 shares. Approximately 2.0% of the company’s stock are sold short. Based on an average daily volume of 150,938 shares, the days-to-cover ratio is presently 2.6 days. Based on an average daily volume of 150,938 shares, the days-to-cover ratio is presently 2.6 days. Approximately 2.0% of the company’s stock are sold short.

Institutional Trading of Financial Institutions

Institutional investors have recently bought and sold shares of the business. PL Capital Advisors LLC increased its holdings in shares of Financial Institutions by 30.4% during the third quarter. PL Capital Advisors LLC now owns 1,774,886 shares of the bank’s stock worth $48,277,000 after purchasing an additional 413,376 shares during the period. Fourthstone LLC grew its position in Financial Institutions by 54.8% during the second quarter. Fourthstone LLC now owns 846,661 shares of the bank’s stock worth $21,742,000 after buying an additional 299,574 shares in the last quarter. ProShare Advisors LLC acquired a new stake in Financial Institutions during the second quarter worth approximately $6,069,000. Wellington Management Group LLP increased its stake in Financial Institutions by 34.1% during the 3rd quarter. Wellington Management Group LLP now owns 736,825 shares of the bank’s stock worth $20,042,000 after acquiring an additional 187,298 shares during the period. Finally, Millennium Management LLC raised its holdings in Financial Institutions by 102.9% in the 3rd quarter. Millennium Management LLC now owns 184,618 shares of the bank’s stock valued at $5,022,000 after acquiring an additional 93,626 shares in the last quarter. Institutional investors own 60.45% of the company’s stock.

Financial Institutions Price Performance

Shares of FISI opened at $32.19 on Tuesday. The company’s 50-day moving average is $31.09 and its 200-day moving average is $28.45. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $647.98 million, a PE ratio of -23.50 and a beta of 0.70. Financial Institutions has a fifty-two week low of $20.97 and a fifty-two week high of $33.00.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings results on Monday, November 3rd. The bank reported $0.99 EPS for the quarter. The business had revenue of $63.85 million for the quarter. Financial Institutions had a negative net margin of 2.93% and a positive return on equity of 11.10%. Equities analysts forecast that Financial Institutions will post 3.3 EPS for the current year.

Financial Institutions Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Monday, December 15th. Financial Institutions’s dividend payout ratio (DPR) is presently -90.51%.

Financial Institutions announced that its board has initiated a stock buyback plan on Monday, September 22nd that permits the company to repurchase $1.00 million in shares. This repurchase authorization permits the bank to purchase up to 0.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently commented on FISI shares. Weiss Ratings reissued a “hold (c-)” rating on shares of Financial Institutions in a report on Monday, December 29th. Keefe, Bruyette & Woods increased their price target on shares of Financial Institutions from $34.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. Wall Street Zen upgraded shares of Financial Institutions from a “hold” rating to a “buy” rating in a research note on Sunday, December 28th. Zacks Research upgraded shares of Financial Institutions to a “hold” rating in a research note on Thursday, December 18th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $34.00 target price on shares of Financial Institutions in a report on Wednesday, December 17th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $33.67.

About Financial Institutions

Financial Institutions, Inc (NASDAQ: FISI) is a non-diversified, closed-end management investment company that seeks to provide tax-advantaged income to shareholders. The company invests primarily in investment-grade municipal obligations issued by states, municipalities and government agencies across the United States. By focusing on high-credit-quality bonds, Financial Institutions aims to deliver current income that is exempt from federal income tax.

In constructing its portfolio, the company may also utilize money market instruments and repurchase agreements to manage liquidity and facilitate efficient settlement.