Connor Clark & Lunn Investment Management Ltd. Grows Stock Holdings in Financial Institutions, Inc. (NASDAQ:FISI)

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 14.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 112,129 shares of the bank’s stock after purchasing an additional 14,570 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.72% of Financial Institutions worth $3,060,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of FISI. US Bancorp DE lifted its holdings in Financial Institutions by 119.3% in the 3rd quarter. US Bancorp DE now owns 2,572 shares of the bank’s stock worth $66,000 after buying an additional 1,399 shares during the period. Empowered Funds LLC lifted its stake in Financial Institutions by 5.3% in the third quarter. Empowered Funds LLC now owns 66,450 shares of the bank’s stock worth $1,692,000 after acquiring an additional 3,350 shares during the period. Segall Bryant & Hamill LLC bought a new stake in Financial Institutions in the third quarter valued at $1,364,000. Charles Schwab Investment Management Inc. increased its position in Financial Institutions by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 124,428 shares of the bank’s stock valued at $3,169,000 after purchasing an additional 417 shares during the period. Finally, Stonebrook Private Inc. bought a new position in Financial Institutions in the 3rd quarter worth $218,000. 60.45% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on FISI shares. Piper Sandler initiated 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 on the stock. StockNews.com raised Financial Institutions from a “sell” rating to a “hold” rating in a research report on Tuesday, February 11th. Stephens restated an “equal weight” rating and set a $32.00 price target on shares of Financial Institutions in a research report on Tuesday, March 11th. Finally, Keefe, Bruyette & Woods raised Financial Institutions from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $29.00 to $34.00 in a research note on Monday, February 3rd.

Financial Institutions Price Performance

Shares of NASDAQ FISI opened at $25.83 on Tuesday. The company has a 50 day simple moving average of $27.31 and a two-hundred day simple moving average of $26.56. Financial Institutions, Inc. has a fifty-two week low of $16.29 and a fifty-two week high of $29.79. The company has a market capitalization of $518.61 million, a price-to-earnings ratio of -17.81 and a beta of 0.86. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings data on Thursday, January 30th. The bank reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.20). Financial Institutions had a negative net margin of 6.69% and a positive return on equity of 11.12%. Analysts expect that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 14th will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 4.80%. The ex-dividend date is Friday, March 14th. This is a positive change from Financial Institutions’s previous quarterly dividend of $0.30. Financial Institutions’s payout ratio is currently -85.52%.

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.