Short Interest in Financial Institutions, Inc. (NASDAQ:FISI) Drops By 8.7%

Financial Institutions, Inc. (NASDAQ:FISI) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 63,100 shares, a decline of 8.7% from the October 15th total of 69,100 shares. Based on an average daily volume of 40,100 shares, the short-interest ratio is presently 1.6 days. Currently, 0.4% of the company’s shares are sold short.

Institutional Trading of Financial Institutions

A number of institutional investors and hedge funds have recently modified their holdings of FISI. Geode Capital Management LLC raised its stake in Financial Institutions by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 354,685 shares of the bank’s stock valued at $9,036,000 after acquiring an additional 7,045 shares during the period. Barclays PLC grew its holdings in Financial Institutions by 48.4% during the 3rd quarter. Barclays PLC now owns 44,798 shares of the bank’s stock valued at $1,141,000 after buying an additional 14,606 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Financial Institutions in the third quarter worth about $224,000. Zacks Investment Management bought a new position in shares of Financial Institutions in the third quarter valued at approximately $4,706,000. Finally, State Street Corp increased its holdings in Financial Institutions by 6.5% during the 3rd quarter. State Street Corp now owns 283,707 shares of the bank’s stock worth $7,309,000 after acquiring an additional 17,395 shares during the period. 60.45% of the stock is owned by hedge funds and other institutional investors.

Financial Institutions Stock Down 0.9 %

FISI traded down $0.24 during trading on Tuesday, hitting $26.30. 5,119 shares of the company’s stock were exchanged, compared to its average volume of 49,909. The stock has a market cap of $406.86 million, a P/E ratio of 8.35 and a beta of 0.90. The business’s 50 day moving average is $25.49 and its two-hundred day moving average is $22.49. Financial Institutions has a fifty-two week low of $16.29 and a fifty-two week high of $28.12. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.26.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.08. The business had revenue of $50.12 million for the quarter. Financial Institutions had a net margin of 13.72% and a return on equity of 11.32%. During the same period in the previous year, the business posted $0.88 EPS. As a group, equities analysts expect that Financial Institutions will post 3.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

About Financial Institutions

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.