Y Intercept Hong Kong Ltd Takes $470,000 Position in Financial Institutions, Inc. $FISI

Y Intercept Hong Kong Ltd acquired a new position in shares of Financial Institutions, Inc. (NASDAQ:FISI) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 18,302 shares of the bank’s stock, valued at approximately $470,000. Y Intercept Hong Kong Ltd owned about 0.09% of Financial Institutions at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Jump Financial LLC purchased a new stake in Financial Institutions during the first quarter worth about $205,000. CWM LLC lifted its holdings in Financial Institutions by 8.1% during the 1st quarter. CWM LLC now owns 9,222 shares of the bank’s stock worth $230,000 after buying an additional 688 shares in the last quarter. Corebridge Financial Inc. boosted its position in Financial Institutions by 24.2% in the 1st quarter. Corebridge Financial Inc. now owns 9,375 shares of the bank’s stock valued at $234,000 after buying an additional 1,828 shares during the period. MetLife Investment Management LLC raised its stake in shares of Financial Institutions by 31.9% in the first quarter. MetLife Investment Management LLC now owns 11,085 shares of the bank’s stock valued at $277,000 after acquiring an additional 2,680 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Financial Institutions by 30.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank’s stock valued at $283,000 after purchasing an additional 2,617 shares during the period. Institutional investors and hedge funds own 60.45% of the company’s stock.

Financial Institutions Stock Down 0.5%

FISI stock opened at $29.08 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $585.38 million, a price-to-earnings ratio of -21.23 and a beta of 0.76. Financial Institutions, Inc. has a 12 month low of $20.97 and a 12 month high of $29.88. The company has a fifty day moving average price of $27.41 and a 200 day moving average price of $26.46.

Financial Institutions (NASDAQ:FISI) last announced its earnings results on Thursday, October 23rd. The bank reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.11. The business had revenue of $64.87 million during the quarter, compared to the consensus estimate of $60.46 million. Financial Institutions had a negative net margin of 2.93% and a positive return on equity of 11.27%. Sell-side analysts expect that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.

Financial Institutions announced that its Board of Directors has authorized a stock buyback plan on Monday, September 22nd that permits the company to repurchase $1.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 0.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Financial Institutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 2nd. Investors of record on Monday, September 15th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Monday, September 15th. Financial Institutions’s dividend payout ratio (DPR) is -90.51%.

Wall Street Analyst Weigh In

FISI has been the topic of a number of recent research reports. Keefe, Bruyette & Woods upped their target price on shares of Financial Institutions from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. Wall Street Zen downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Financial Institutions in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $33.33.

Financial Institutions Company 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.