Geode Capital Management LLC Has $12.27 Million Stake in Financial Institutions, Inc. $FISI

Geode Capital Management LLC boosted its stake in Financial Institutions, Inc. (NASDAQ:FISI) by 6.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 477,865 shares of the bank’s stock after acquiring an additional 27,770 shares during the quarter. Geode Capital Management LLC’s holdings in Financial Institutions were worth $12,274,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Allworth Financial LP raised its stake in shares of Financial Institutions by 925.2% in the 2nd quarter. Allworth Financial LP now owns 2,850 shares of the bank’s stock valued at $73,000 after purchasing an additional 2,572 shares during the period. Jump Financial LLC acquired a new position in shares of Financial Institutions during the first quarter worth about $205,000. Corebridge Financial Inc. grew its holdings in shares of Financial Institutions by 24.2% during the first quarter. Corebridge Financial Inc. now owns 9,375 shares of the bank’s stock worth $234,000 after buying an additional 1,828 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of Financial Institutions by 31.9% during the first quarter. MetLife Investment Management LLC now owns 11,085 shares of the bank’s stock worth $277,000 after buying an additional 2,680 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Financial Institutions by 30.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank’s stock valued at $283,000 after buying an additional 2,617 shares during the last quarter. Institutional investors own 60.45% of the company’s stock.

Financial Institutions Trading Down 0.3%

Shares of NASDAQ:FISI opened at $30.55 on Wednesday. Financial Institutions, Inc. has a 52-week low of $20.97 and a 52-week high of $30.96. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market capitalization of $614.97 million, a P/E ratio of -22.30 and a beta of 0.72. The company has a 50-day simple moving average of $28.31 and a 200 day simple moving average of $27.01.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings results on Thursday, October 23rd. The bank reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.11. The firm had revenue of $64.87 million for the quarter, compared to the consensus estimate of $60.46 million. Financial Institutions had a positive return on equity of 11.10% and a negative net margin of 2.93%. Sell-side analysts forecast that Financial Institutions, Inc. will post 3.3 earnings per share for the current year.

Financial Institutions Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Monday, December 15th. Financial Institutions’s dividend payout ratio is -90.51%.

Financial Institutions declared that its Board of Directors has authorized a stock buyback plan on Monday, September 22nd that authorizes the company to repurchase $1.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 0.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have commented on FISI shares. Wall Street Zen upgraded Financial Institutions from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Weiss Ratings reissued a “hold (c-)” rating on shares of Financial Institutions in a research report on Monday. Finally, Keefe, Bruyette & Woods increased their target price on shares of Financial Institutions from $34.00 to $35.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Financial Institutions presently has a consensus rating of “Moderate Buy” and an average target price of $33.33.

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.