Renaissance Technologies LLC trimmed its holdings in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 19.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 324,300 shares of the bank’s stock after selling 78,100 shares during the period. Renaissance Technologies LLC’s holdings in Financial Institutions were worth $10,086,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Ramsey Quantitative Systems acquired a new position in shares of Financial Institutions during the 4th quarter worth approximately $113,000. SG Americas Securities LLC acquired a new position in shares of Financial Institutions during the 3rd quarter worth approximately $139,000. Cutler Capital Management LLC acquired a new position in shares of Financial Institutions during the 4th quarter worth approximately $187,000. UBS Asset Management Americas Inc. acquired a new position in shares of Financial Institutions during the 4th quarter worth approximately $224,000. Finally, Schroder Investment Management Group raised its stake in shares of Financial Institutions by 70.4% during the 4th quarter. Schroder Investment Management Group now owns 10,949 shares of the bank’s stock worth $341,000 after buying an additional 4,524 shares during the period. 69.75% of the stock is owned by institutional investors and hedge funds.
In other news, Director Andrew W. Dorn, Jr. acquired 1,557 shares of Financial Institutions stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average cost of $30.95 per share, with a total value of $48,189.15. Following the purchase, the director now owns 16,999 shares in the company, valued at $526,119.05. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 5.49% of the stock is currently owned by corporate insiders.
Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings data on Monday, January 29th. The bank reported $0.50 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.50. Financial Institutions had a return on equity of 9.07% and a net margin of 20.34%. The firm had revenue of $38.75 million during the quarter. sell-side analysts forecast that Financial Institutions, Inc. will post 2.34 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Thursday, March 15th were paid a $0.24 dividend. This is an increase from Financial Institutions’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Wednesday, March 14th. Financial Institutions’s dividend payout ratio is currently 49.48%.
Several brokerages have recently weighed in on FISI. BidaskClub downgraded Financial Institutions from a “buy” rating to a “hold” rating in a research note on Tuesday, December 19th. Keefe, Bruyette & Woods downgraded Financial Institutions to a “market perform” rating and set a $35.00 target price for the company. in a research note on Thursday, March 15th. Hovde Group reaffirmed a “buy” rating and set a $36.00 target price on shares of Financial Institutions in a research note on Friday, February 2nd. Finally, ValuEngine downgraded Financial Institutions from a “buy” rating to a “hold” rating in a research note on Thursday, March 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $34.17.
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Financial Institutions Company Profile
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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