Financial Institutions, Inc. (NASDAQ:FISI) Shares Sold by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. cut its stake in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 2.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 283,695 shares of the bank’s stock after selling 6,165 shares during the period. Financial Institutions accounts for approximately 0.8% of Canandaigua National Bank & Trust Co.’s holdings, making the stock its 29th biggest holding. Canandaigua National Bank & Trust Co.’s holdings in Financial Institutions were worth $7,742,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FISI. Charles Schwab Investment Management Inc. lifted its position in Financial Institutions by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 124,428 shares of the bank’s stock valued at $3,169,000 after buying an additional 417 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Financial Institutions by 1.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 59,725 shares of the bank’s stock worth $1,521,000 after purchasing an additional 1,137 shares during the period. 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 valued at $66,000 after purchasing an additional 1,399 shares in the last quarter. EMC Capital Management boosted its position in shares of Financial Institutions by 23.0% in the third quarter. EMC Capital Management now owns 8,709 shares of the bank’s stock worth $222,000 after buying an additional 1,629 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in Financial Institutions by 23.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 10,837 shares of the bank’s stock valued at $209,000 after acquiring an additional 2,026 shares in the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Piper Sandler began coverage on shares of Financial Institutions in a research note on Friday, December 20th. They issued an “overweight” rating and a $33.00 target price for the company. StockNews.com cut Financial Institutions from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Keefe, Bruyette & Woods lifted their price objective on Financial Institutions from $27.00 to $28.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

Insider Activity

In other news, Director Robert N. Latella acquired 4,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were acquired at an average price of $25.00 per share, with a total value of $100,000.00. Following the acquisition, the director now directly owns 16,000 shares in the company, valued at approximately $400,000. The trade was a 33.33 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.68% of the company’s stock.

Financial Institutions Stock Down 0.4 %

Shares of FISI stock traded down $0.11 during trading hours on Monday, hitting $26.70. 115,531 shares of the company were exchanged, compared to its average volume of 101,757. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $413.16 million, a price-to-earnings ratio of 8.40 and a beta of 0.91. Financial Institutions, Inc. has a one year low of $16.29 and a one year high of $29.34. The business’s 50-day simple moving average is $26.83 and its two-hundred day simple moving average is $24.73.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, October 24th. The bank reported $0.84 EPS for the quarter, topping the consensus estimate of $0.76 by $0.08. The company had revenue of $50.12 million during the quarter. Financial Institutions had a return on equity of 11.32% and a net margin of 13.72%. During the same quarter in the previous year, the business posted $0.88 EPS. Sell-side analysts predict that Financial Institutions, Inc. will post 3.66 EPS for the current fiscal year.

Financial Institutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were given a $0.30 dividend. The ex-dividend date was Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.49%. Financial Institutions’s payout ratio is currently 37.74%.

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.