Connor Clark & Lunn Investment Management Ltd. Purchases 14,570 Shares of Financial Institutions, Inc. (NASDAQ:FISI)

Connor Clark & Lunn Investment Management Ltd. increased its position in Financial Institutions, Inc. (NASDAQ:FISI) by 14.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 112,129 shares of the bank’s stock after acquiring an additional 14,570 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Financial Institutions were worth $3,060,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. R Squared Ltd bought a new position in shares of Financial Institutions during the fourth quarter valued at $30,000. US Bancorp DE increased its holdings in Financial Institutions by 119.3% in the 3rd quarter. US Bancorp DE now owns 2,572 shares of the bank’s stock worth $66,000 after buying an additional 1,399 shares in the last quarter. SG Americas Securities LLC raised its position in Financial Institutions by 14.9% in the 4th quarter. SG Americas Securities LLC now owns 7,418 shares of the bank’s stock worth $202,000 after buying an additional 964 shares during the last quarter. Stonebrook Private Inc. bought a new position in Financial Institutions during the 3rd quarter valued at about $218,000. Finally, XTX Topco Ltd purchased a new stake in shares of Financial Institutions during the 3rd quarter valued at about $224,000. 60.45% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Financial Institutions Stock Performance

Shares of NASDAQ FISI opened at $25.83 on Tuesday. Financial Institutions, Inc. has a 12-month low of $16.29 and a 12-month high of $29.79. The firm has a market capitalization of $518.61 million, a price-to-earnings ratio of -17.81 and a beta of 0.86. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average of $27.31 and a 200 day moving average of $26.56.

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

Financial Institutions Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 14th will be given a dividend of $0.31 per share. This is a boost from Financial Institutions’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.80%. The ex-dividend date of this dividend is Friday, March 14th. Financial Institutions’s payout ratio is presently -85.52%.

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.