Hillsdale Investment Management Inc. Cuts Stock Position in Financial Institutions, Inc. (NASDAQ:FISI)

Hillsdale Investment Management Inc. decreased its holdings in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 47.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,000 shares of the bank’s stock after selling 4,500 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in Financial Institutions were worth $136,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in FISI. American Century Companies Inc. boosted its position in shares of Financial Institutions by 38.1% in the fourth quarter. American Century Companies Inc. now owns 424,825 shares of the bank’s stock worth $11,593,000 after buying an additional 117,142 shares during the period. Picton Mahoney Asset Management lifted its position in Financial Institutions by 45.5% during the 4th quarter. Picton Mahoney Asset Management now owns 1,196 shares of the bank’s stock worth $32,000 after acquiring an additional 374 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Financial Institutions by 14.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 112,129 shares of the bank’s stock worth $3,060,000 after acquiring an additional 14,570 shares during the period. Proficio Capital Partners LLC purchased a new position in Financial Institutions in the 4th quarter worth approximately $318,000. Finally, Charles Schwab Investment Management Inc. grew its position in Financial Institutions by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 125,323 shares of the bank’s stock valued at $3,420,000 after acquiring an additional 895 shares in the last quarter. 60.45% of the stock is owned by hedge funds and other institutional investors.

Financial Institutions Stock Up 3.7 %

FISI stock opened at $26.31 on Tuesday. The company has a market capitalization of $528.25 million, a P/E ratio of -18.14 and a beta of 0.86. The firm has a 50 day simple moving average of $27.29 and a 200-day simple moving average of $26.57. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. Financial Institutions, Inc. has a twelve month low of $16.29 and a twelve month high of $29.79.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Thursday, January 30th. The bank reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.20). Financial Institutions had a positive return on equity of 11.12% and a negative net margin of 6.69%. On average, equities research analysts predict that Financial Institutions, Inc. will post 3.3 earnings per share for the current fiscal year.

Financial Institutions Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Friday, March 14th will be issued a $0.31 dividend. This is a positive change from Financial Institutions’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 4.71%. The ex-dividend date is Friday, March 14th. Financial Institutions’s payout ratio is currently -85.52%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on FISI shares. Stephens reissued an “equal weight” rating and set a $32.00 target price on shares of Financial Institutions in a research report on Tuesday, March 11th. Keefe, Bruyette & Woods upgraded shares of Financial Institutions from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $29.00 to $34.00 in a report on Monday, February 3rd. StockNews.com upgraded Financial Institutions from a “sell” rating to a “hold” rating in a research note on Tuesday, February 11th. Finally, Piper Sandler assumed coverage on Financial Institutions in a research report on Friday, December 20th. They set an “overweight” rating and a $33.00 target price on the stock.

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.