Prentice Wealth Management LLC Acquires New Holdings in Financial Institutions, Inc. (NASDAQ:FISI)

Prentice Wealth Management LLC acquired a new stake in Financial Institutions, Inc. (NASDAQ:FISI) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 1,602 shares of the bank’s stock, valued at approximately $48,000.

A number of other large investors have also recently modified their holdings of FISI. Group One Trading L.P. bought a new stake in Financial Institutions in the 2nd quarter valued at about $44,000. O Shaughnessy Asset Management LLC increased its stake in Financial Institutions by 41.5% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 1,725 shares of the bank’s stock valued at $52,000 after buying an additional 506 shares during the period. Nisa Investment Advisors LLC increased its stake in Financial Institutions by 9.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,790 shares of the bank’s stock valued at $114,000 after buying an additional 340 shares during the period. Russell Investments Group Ltd. increased its stake in Financial Institutions by 678.2% during the 1st quarter. Russell Investments Group Ltd. now owns 4,607 shares of the bank’s stock valued at $139,000 after buying an additional 4,015 shares during the period. Finally, Vectors Research Management LLC increased its stake in Financial Institutions by 26.8% during the 1st quarter. Vectors Research Management LLC now owns 5,200 shares of the bank’s stock valued at $158,000 after buying an additional 1,100 shares during the period. Hedge funds and other institutional investors own 67.65% of the company’s stock.

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

Financial Institutions stock opened at $28.67 on Wednesday. The company’s 50-day moving average price is $30.43 and its two-hundred day moving average price is $30.71. The stock has a market cap of $454.19 million, a price-to-earnings ratio of 6.99 and a beta of 1.18. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.16. Financial Institutions, Inc. has a 52 week low of $14.35 and a 52 week high of $33.45.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 4th. Stockholders of record on Friday, September 17th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Thursday, September 16th. This represents a $1.08 annualized dividend and a dividend yield of 3.77%. Financial Institutions’s dividend payout ratio is currently 46.96%.

In other Financial Institutions news, CEO Martin Kearney Birmingham acquired 1,000 shares of the stock in a transaction dated Friday, September 3rd. The shares were bought at an average price of $30.94 per share, with a total value of $30,940.00. Following the purchase, the chief executive officer now directly owns 92,188 shares of the company’s stock, valued at approximately $2,852,296.72. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders bought a total of 2,137 shares of company stock worth $65,648 in the last ninety days. Corporate insiders own 1.96% of the company’s stock.

Financial Institutions Profile

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.

Featured Story: The Role of a Fiduciary and Individual Investors

Want to see what other hedge funds are holding FISI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Financial Institutions, Inc. (NASDAQ:FISI).

Institutional Ownership by Quarter for Financial Institutions (NASDAQ:FISI)

Receive News & Ratings for Financial Institutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Financial Institutions and related companies with MarketBeat.com's FREE daily email newsletter.