Citadel Advisors LLC Reduces Position in Financial Institutions, Inc. (FISI)
Citadel Advisors LLC reduced its position in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 63.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 34,243 shares of the bank’s stock after selling 60,377 shares during the period. Citadel Advisors LLC’s holdings in Financial Institutions were worth $1,065,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in Financial Institutions during the 3rd quarter worth approximately $139,000. Cutler Capital Management LLC acquired a new position in Financial Institutions during the 4th quarter worth approximately $187,000. UBS Asset Management Americas Inc. acquired a new position in Financial Institutions during the 4th quarter worth approximately $224,000. Wells Fargo & Company MN raised its stake in Financial Institutions by 1.7% during the 2nd quarter. Wells Fargo & Company MN now owns 9,351 shares of the bank’s stock worth $279,000 after buying an additional 159 shares during the period. Finally, American Century Companies Inc. acquired a new position in Financial Institutions during the 3rd quarter worth approximately $324,000. 74.88% of the stock is currently owned by institutional investors and hedge funds.
FISI has been the subject of a number of recent research reports. BidaskClub lowered Financial Institutions from a “buy” rating to a “hold” rating in a report on Tuesday, December 19th. Hovde Group reissued a “buy” rating and set a $36.00 price objective on shares of Financial Institutions in a report on Friday, February 2nd. Finally, ValuEngine lowered Financial Institutions from a “buy” rating to a “hold” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $33.50.
Financial Institutions (NASDAQ:FISI) last issued its quarterly earnings data on Monday, January 29th. The bank reported $0.50 EPS for the quarter, hitting analysts’ consensus estimates of $0.50. The firm had revenue of $38.75 million during the quarter. Financial Institutions had a return on equity of 9.31% and a net margin of 20.34%. sell-side analysts predict that Financial Institutions, Inc. will post 2.34 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be issued a dividend of $0.24 per share. This is a positive change from Financial Institutions’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date is Wednesday, March 14th. Financial Institutions’s payout ratio is currently 41.51%.
In other Financial Institutions news, Director Robert M. Glaser bought 1,000 shares of Financial Institutions stock in a transaction dated Wednesday, December 13th. The stock was bought at an average cost of $32.34 per share, with a total value of $32,340.00. Following the completion of the acquisition, the director now directly owns 13,451 shares in the company, valued at approximately $435,005.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Andrew W. Dorn, Jr. bought 1,557 shares of Financial Institutions stock in a transaction dated Thursday, February 1st. The stock was acquired at an average cost of $30.95 per share, with a total value of $48,189.15. Following the completion of the acquisition, the director now owns 16,999 shares of the company’s stock, valued at $526,119.05. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,147 shares of company stock valued at $99,928 over the last three months. Corporate insiders own 5.49% of the company’s stock.
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About Financial Institutions
Financial Institutions, Inc is a financial holding company. The Company conducts its business through its subsidiaries: Five Star Bank (the Bank), a New York chartered bank; Scott Danahy Naylon, LLC (SDN), a full service insurance agency, and Courier Capital, LLC (Courier Capital), an investment advisory and wealth management company.
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