Allspring Global Investments Holdings LLC Raises Stock Position in Financial Institutions, Inc. (NASDAQ:FISI)

Allspring Global Investments Holdings LLC boosted its stake in Financial Institutions, Inc. (NASDAQ:FISI) by 181.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,069 shares of the bank’s stock after purchasing an additional 5,198 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.05% of Financial Institutions worth $172,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Courier Capital LLC boosted its holdings in shares of Financial Institutions by 100.8% in the fourth quarter. Courier Capital LLC now owns 217,453 shares of the bank’s stock worth $4,632,000 after buying an additional 109,144 shares during the last quarter. GSA Capital Partners LLP boosted its stake in shares of Financial Institutions by 128.2% during the 3rd quarter. GSA Capital Partners LLP now owns 51,877 shares of the bank’s stock worth $873,000 after acquiring an additional 29,140 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Financial Institutions by 110.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 49,236 shares of the bank’s stock valued at $829,000 after acquiring an additional 25,889 shares during the period. Community Capital Management LLC purchased a new stake in shares of Financial Institutions in the 3rd quarter worth $269,000. Finally, Great Lakes Advisors LLC bought a new position in Financial Institutions in the 3rd quarter worth $235,000. 60.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FISI has been the subject of several recent research reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $23.00 price target on shares of Financial Institutions in a report on Tuesday, April 2nd. Piper Sandler reissued a “neutral” rating and issued a $19.00 target price (down from $23.00) on shares of Financial Institutions in a report on Monday, March 25th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Financial Institutions presently has an average rating of “Hold” and an average price target of $20.67.

Financial Institutions Price Performance

Shares of Financial Institutions stock opened at $17.60 on Monday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.28. Financial Institutions, Inc. has a 52 week low of $13.84 and a 52 week high of $23.11. The stock’s 50-day simple moving average is $18.11 and its 200-day simple moving average is $18.76. The company has a market capitalization of $271.87 million, a price-to-earnings ratio of 7.01 and a beta of 0.87.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings results on Thursday, January 25th. The bank reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.12). Financial Institutions had a return on equity of 9.76% and a net margin of 11.53%. The business had revenue of $55.25 million during the quarter, compared to analysts’ expectations of $50.29 million. As a group, analysts expect that Financial Institutions, Inc. will post 2.71 earnings per share for the current fiscal year.

Financial Institutions Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Friday, March 15th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 6.82%. The ex-dividend date was Thursday, March 14th. Financial Institutions’s dividend payout ratio (DPR) is presently 47.81%.

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.