Insider Buying: Financial Institutions, Inc. (NASDAQ:FISI) EVP Buys 500 Shares of Stock

Financial Institutions, Inc. (NASDAQ:FISI) EVP Samuel J. Burruano, Jr. purchased 500 shares of the company’s stock in a transaction that occurred on Tuesday, September 14th. The shares were purchased at an average cost of $29.45 per share, for a total transaction of $14,725.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Shares of FISI traded up $0.64 during midday trading on Wednesday, hitting $29.51. The company had a trading volume of 451 shares, compared to its average volume of 55,244. The company’s 50 day moving average price is $30.41 and its 200 day moving average price is $30.70. The stock has a market cap of $467.50 million, a price-to-earnings ratio of 7.04 and a beta of 1.18. Financial Institutions, Inc. has a 52 week low of $14.35 and a 52 week high of $33.45. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.16.

Financial Institutions (NASDAQ:FISI) last released its earnings results on Thursday, July 29th. The bank reported $1.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.45. The company had revenue of $47.92 million during the quarter, compared to the consensus estimate of $47.73 million. Financial Institutions had a net margin of 32.05% and a return on equity of 14.81%. Equities analysts anticipate that Financial Institutions, Inc. will post 4.28 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 4th. Stockholders of record on Friday, September 17th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.66%. The ex-dividend date is Thursday, September 16th. Financial Institutions’s payout ratio is currently 46.96%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Financial Institutions by 5.9% in the 1st quarter. BlackRock Inc. now owns 1,354,228 shares of the bank’s stock worth $41,020,000 after purchasing an additional 75,954 shares during the last quarter. FMR LLC boosted its holdings in shares of Financial Institutions by 84.1% in the 2nd quarter. FMR LLC now owns 738,016 shares of the bank’s stock valued at $22,140,000 after buying an additional 337,092 shares during the period. LSV Asset Management boosted its holdings in shares of Financial Institutions by 2.4% in the 2nd quarter. LSV Asset Management now owns 436,304 shares of the bank’s stock valued at $13,089,000 after buying an additional 10,232 shares during the period. State Street Corp boosted its holdings in shares of Financial Institutions by 9.2% in the 2nd quarter. State Street Corp now owns 384,352 shares of the bank’s stock valued at $11,636,000 after buying an additional 32,296 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Financial Institutions by 0.6% in the 2nd quarter. Geode Capital Management LLC now owns 294,350 shares of the bank’s stock valued at $8,830,000 after buying an additional 1,698 shares during the period. 67.65% of the stock is owned by institutional investors.

Separately, Zacks Investment Research raised shares of Financial Institutions from a “hold” rating to a “strong-buy” rating and set a $34.00 price target on the stock in a research note on Tuesday, August 3rd.

About Financial Institutions

Financial Institutions, Inc is a holding company, which engages in the provision of financial services. It operates through the following segments: Banking, Non-Banking, and Holding Company and Other. The Banking segment includes retail and commercial banking operations. The Non-Banking segment consists the activities of SDN, a full service insurance agency that offers an insurance services to both personal and business clients; and Courier Capital, an investment advisor and wealth management firm that delivers customized investment management, investment consulting, and retirement plan services to individuals, businesses, institutions, foundations, and retirement plans.

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