Financial Institutions, Inc. (NASDAQ:FISI) Sees Large Decline in Short Interest

Financial Institutions, Inc. (NASDAQ:FISIGet Rating) was the recipient of a large drop in short interest in the month of December. As of December 30th, there was short interest totalling 157,500 shares, a drop of 5.7% from the December 15th total of 167,000 shares. Approximately 1.1% of the company’s stock are short sold. Based on an average daily volume of 34,200 shares, the days-to-cover ratio is currently 4.6 days.

Analyst Ratings Changes

FISI has been the topic of several recent research reports. Hovde Group downgraded Financial Institutions from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $33.00 to $29.00 in a research note on Monday, October 31st. StockNews.com downgraded Financial Institutions from a “buy” rating to a “hold” rating in a research note on Tuesday, January 10th.

Institutional Trading of Financial Institutions

Hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its holdings in Financial Institutions by 5.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 127,161 shares of the bank’s stock valued at $3,061,000 after purchasing an additional 6,247 shares during the last quarter. BNP Paribas Arbitrage SNC lifted its holdings in Financial Institutions by 15.9% during the 3rd quarter. BNP Paribas Arbitrage SNC now owns 6,834 shares of the bank’s stock valued at $164,000 after purchasing an additional 935 shares during the last quarter. Two Sigma Investments LP lifted its holdings in Financial Institutions by 2.2% during the 3rd quarter. Two Sigma Investments LP now owns 34,957 shares of the bank’s stock valued at $841,000 after purchasing an additional 747 shares during the last quarter. Martingale Asset Management L P lifted its holdings in Financial Institutions by 54.3% during the 3rd quarter. Martingale Asset Management L P now owns 30,422 shares of the bank’s stock valued at $733,000 after purchasing an additional 10,701 shares during the last quarter. Finally, Citadel Advisors LLC lifted its holdings in Financial Institutions by 54.7% during the 3rd quarter. Citadel Advisors LLC now owns 62,551 shares of the bank’s stock valued at $1,506,000 after purchasing an additional 22,110 shares during the last quarter. 67.34% of the stock is owned by institutional investors and hedge funds.

Financial Institutions Price Performance

NASDAQ:FISI opened at $24.06 on Monday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.79 and a current ratio of 0.79. The stock’s 50-day simple moving average is $24.41 and its 200 day simple moving average is $25.16. The company has a market cap of $368.96 million, a P/E ratio of 6.00 and a beta of 0.90. Financial Institutions has a 52-week low of $22.91 and a 52-week high of $34.43.

Financial Institutions (NASDAQ:FISIGet Rating) last released its earnings results on Thursday, October 27th. The bank reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.05). The company had revenue of $55.72 million during the quarter, compared to analyst estimates of $53.58 million. Financial Institutions had a net margin of 27.98% and a return on equity of 15.06%. As a group, sell-side analysts forecast that Financial Institutions will post 3.55 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 3rd. Shareholders of record on Friday, December 16th were paid a $0.29 dividend. The ex-dividend date of this dividend was Thursday, December 15th. This represents a $1.16 annualized dividend and a yield of 4.82%. Financial Institutions’s dividend payout ratio is 28.93%.

Financial Institutions Company Profile

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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 offers checking and savings account programs, including money market accounts, certificates of deposit, sweep investments, and individual retirement and other qualified plan accounts.

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