Wellington Management Group LLP Buys New Position in Financial Institutions, Inc. (NASDAQ:FISI)

Wellington Management Group LLP purchased a new stake in Financial Institutions, Inc. (NASDAQ:FISI) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 670,355 shares of the bank’s stock, valued at approximately $18,294,000. Wellington Management Group LLP owned 4.33% of Financial Institutions at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of FISI. PL Capital Advisors LLC increased its stake in shares of Financial Institutions by 666.8% in the fourth quarter. PL Capital Advisors LLC now owns 13,583,625 shares of the bank’s stock worth $370,697,000 after purchasing an additional 11,812,109 shares in the last quarter. Vanguard Group Inc. raised its position in Financial Institutions by 13.0% in the 4th quarter. Vanguard Group Inc. now owns 925,285 shares of the bank’s stock worth $25,251,000 after purchasing an additional 106,612 shares during the period. American Century Companies Inc. lifted its position in Financial Institutions by 38.1% in the fourth quarter. American Century Companies Inc. now owns 424,825 shares of the bank’s stock valued at $11,593,000 after purchasing an additional 117,142 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Financial Institutions by 2.0% in the third quarter. Geode Capital Management LLC now owns 354,685 shares of the bank’s stock worth $9,036,000 after purchasing an additional 7,045 shares during the last quarter. Finally, Courier Capital LLC raised its holdings in Financial Institutions by 0.5% in the 4th quarter. Courier Capital LLC now owns 352,126 shares of the bank’s stock worth $9,610,000 after purchasing an additional 1,887 shares in the last quarter. 60.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FISI has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of Financial Institutions from a “sell” rating to a “hold” rating in a report on Tuesday, February 11th. Stephens reiterated an “equal weight” rating and set a $32.00 target price on shares of Financial Institutions in a research report on Tuesday, March 11th. Piper Sandler began coverage on Financial Institutions in a research report on Friday, December 20th. They set an “overweight” rating and a $33.00 target price for the company. Finally, Keefe, Bruyette & Woods upgraded shares of Financial Institutions from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $29.00 to $34.00 in a research report on Monday, February 3rd.

Financial Institutions Price Performance

Shares of NASDAQ:FISI opened at $21.90 on Wednesday. The company’s 50 day moving average is $26.56 and its 200 day moving average is $26.44. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The company has a market cap of $439.71 million, a PE ratio of -15.10 and a beta of 0.68. Financial Institutions, Inc. has a twelve month low of $16.29 and a twelve month high of $29.79.

Financial Institutions (NASDAQ:FISI) last issued its quarterly earnings results 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%. On average, sell-side analysts forecast that Financial Institutions, Inc. will post 3.3 EPS for the current year.

Financial Institutions Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Friday, March 14th were given a dividend of $0.31 per share. The ex-dividend date was Friday, March 14th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 5.66%. This is a boost from Financial Institutions’s previous quarterly dividend of $0.30. Financial Institutions’s dividend payout ratio (DPR) is presently -85.52%.

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.