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.

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

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