Canandaigua National Bank & Trust Co. trimmed its holdings in Financial Institutions, Inc. (NASDAQ:FISI – Free Report) by 2.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 283,695 shares of the bank’s stock after selling 6,165 shares during the quarter. Financial Institutions comprises approximately 0.8% of Canandaigua National Bank & Trust Co.’s portfolio, making the stock its 29th biggest position. Canandaigua National Bank & Trust Co. owned approximately 1.83% of Financial Institutions worth $7,742,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in Financial Institutions by 32.7% in the third quarter. JPMorgan Chase & Co. now owns 18,108 shares of the bank’s stock valued at $461,000 after acquiring an additional 4,461 shares in the last quarter. Barclays PLC increased its position in Financial Institutions by 48.4% during the third quarter. Barclays PLC now owns 44,798 shares of the bank’s stock worth $1,141,000 after buying an additional 14,606 shares during the period. Geode Capital Management LLC lifted its stake in Financial Institutions by 2.0% in the third quarter. Geode Capital Management LLC now owns 354,685 shares of the bank’s stock valued at $9,036,000 after buying an additional 7,045 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Financial Institutions during the third quarter worth approximately $224,000. Finally, Zacks Investment Management acquired a new position in shares of Financial Institutions in the 3rd quarter valued at $4,706,000. 60.45% of the stock is currently owned by hedge funds and other institutional investors.
Financial Institutions Price Performance
FISI stock traded down $0.11 on Monday, reaching $26.70. 115,531 shares of the company’s stock were exchanged, compared to its average volume of 101,757. The stock has a fifty day moving average of $26.83 and a 200-day moving average of $24.73. The firm has a market cap of $413.16 million, a PE ratio of 8.40 and a beta of 0.91. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.26. Financial Institutions, Inc. has a twelve month low of $16.29 and a twelve month high of $29.34.
Financial Institutions Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 4.49%. The ex-dividend date was Friday, December 13th. Financial Institutions’s dividend payout ratio (DPR) is 37.74%.
Insider Buying and Selling
In related news, Director Robert N. Latella bought 4,000 shares of Financial Institutions stock in a transaction that occurred on Friday, December 13th. The shares were purchased at an average price of $25.00 per share, with a total value of $100,000.00. Following the purchase, the director now owns 16,000 shares in the company, valued at $400,000. This represents a 33.33 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.68% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on FISI shares. StockNews.com downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Keefe, Bruyette & Woods boosted their price objective on shares of Financial Institutions from $27.00 to $28.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, 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 objective for the company.
Get Our Latest Report on Financial Institutions
Financial Institutions 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.
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