Financial Institutions, Inc. (NASDAQ:FISI) Short Interest Up 95.9% in January

Financial Institutions, Inc. (NASDAQ:FISI) was the recipient of a large growth in short interest in January. As of January 31st, there was short interest totalling 312,800 shares, a growth of 95.9% from the January 15th total of 159,700 shares. Based on an average daily volume of 124,500 shares, the short-interest ratio is presently 2.5 days.

Financial Institutions Stock Up 1.5 %

Financial Institutions stock traded up $0.44 during trading hours on Friday, hitting $28.89. The stock had a trading volume of 153,957 shares, compared to its average volume of 150,880. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $446.93 million, a P/E ratio of -19.92 and a beta of 0.90. Financial Institutions has a 12-month low of $16.29 and a 12-month high of $29.34. The stock’s 50-day moving average price is $27.26 and its 200-day moving average price is $26.10.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, January 30th. The bank reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. Equities research analysts anticipate that Financial Institutions will post 3.3 EPS for the current fiscal year.

Financial Institutions Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 14th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 4.29%. This is a boost from Financial Institutions’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, March 14th. Financial Institutions’s payout ratio is presently -82.76%.

Insider Activity

In other Financial Institutions news, Director Robert N. Latella purchased 4,000 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was bought at an average cost of $25.00 per share, with a total value of $100,000.00. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. PL Capital Advisors LLC raised its holdings in shares of 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 purchasing an additional 11,812,109 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Financial Institutions by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 971,659 shares of the bank’s stock valued at $26,516,000 after purchasing an additional 14,733 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Financial Institutions by 13.0% during the fourth quarter. Vanguard Group Inc. now owns 925,285 shares of the bank’s stock valued at $25,251,000 after purchasing an additional 106,612 shares during the last quarter. Wellington Management Group LLP bought a new stake in Financial Institutions during the fourth quarter valued at approximately $18,294,000. Finally, American Century Companies Inc. grew its position in Financial Institutions by 38.1% during the fourth quarter. American Century Companies Inc. now owns 424,825 shares of the bank’s stock valued at $11,593,000 after buying an additional 117,142 shares during the period. 60.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FISI. StockNews.com raised shares of Financial Institutions from a “sell” rating to a “hold” rating in a research report on Tuesday. Piper Sandler began coverage on shares of Financial Institutions in a research report on Friday, December 20th. They set an “overweight” rating and a $33.00 price target for the company. Keefe, Bruyette & Woods raised shares of Financial Institutions from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $29.00 to $34.00 in a research report on Monday, February 3rd. Finally, Stephens reissued an “equal weight” rating and set a $33.00 price target on shares of Financial Institutions in a research report on Friday, January 31st.

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.