Modern Wealth Management LLC Has $5.37 Million Holdings in Financial Institutions, Inc. (NASDAQ:FISI)

Modern Wealth Management LLC trimmed its holdings in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 1.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 191,766 shares of the bank’s stock after selling 3,000 shares during the quarter. Modern Wealth Management LLC’s holdings in Financial Institutions were worth $5,366,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Zacks Investment Management acquired a new stake in shares of Financial Institutions in the third quarter worth $4,706,000. Barclays PLC raised its holdings in Financial Institutions by 48.4% in the 3rd quarter. Barclays PLC now owns 44,798 shares of the bank’s stock worth $1,141,000 after acquiring an additional 14,606 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in Financial Institutions by 32.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 97,559 shares of the bank’s stock worth $2,485,000 after acquiring an additional 23,885 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in Financial Institutions during the fourth quarter valued at about $318,000. Finally, PL Capital Advisors LLC boosted its holdings in Financial Institutions by 666.8% during the fourth quarter. PL Capital Advisors LLC now owns 13,583,625 shares of the bank’s stock valued at $370,697,000 after acquiring an additional 11,812,109 shares during the period. 60.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Financial Institutions Stock Up 3.7 %

NASDAQ FISI opened at $26.31 on Tuesday. Financial Institutions, Inc. has a twelve month low of $16.29 and a twelve month high of $29.79. 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 cap of $528.25 million, a PE 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.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Thursday, January 30th. The bank reported $0.54 EPS for the quarter, missing analysts’ consensus estimates 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, research analysts forecast that Financial Institutions, Inc. will post 3.3 EPS for the current year.

Financial Institutions Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Friday, March 14th will be given a $0.31 dividend. This is a boost 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 dividend payout ratio (DPR) is -85.52%.

Financial Institutions Company Profile

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.