Financial Institutions, Inc. (NASDAQ:FISI) Short Interest Update

Financial Institutions, Inc. (NASDAQ:FISI) was the target of a significant increase in short interest in the month of June. As of June 30th, there was short interest totalling 83,900 shares, an increase of 49.6% from the June 15th total of 56,100 shares. Based on an average trading volume of 51,200 shares, the short-interest ratio is presently 1.6 days. Currently, 0.6% of the shares of the stock are sold short.

Financial Institutions Price Performance

Shares of FISI traded up $0.73 during mid-day trading on Monday, hitting $21.29. 65,416 shares of the company were exchanged, compared to its average volume of 51,677. Financial Institutions has a 1-year low of $15.22 and a 1-year high of $23.11. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.84 and a current ratio of 0.84. The company has a 50 day moving average of $18.22 and a 200-day moving average of $18.85. The stock has a market cap of $328.93 million, a price-to-earnings ratio of 8.48 and a beta of 0.90.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.55). Financial Institutions had a net margin of 11.53% and a return on equity of 9.66%. The business had revenue of $50.98 million for the quarter, compared to analysts’ expectations of $50.48 million. Analysts expect that Financial Institutions will post 3.18 EPS for the current fiscal year.

Financial Institutions Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Friday, June 14th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, June 14th. This represents a $1.20 annualized dividend and a yield of 5.64%. Financial Institutions’s dividend payout ratio is presently 47.81%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FISI. Piper Sandler reiterated a “neutral” rating and issued a $19.00 price objective (down previously from $23.00) on shares of Financial Institutions in a research report on Monday, March 25th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $23.00 price objective on shares of Financial Institutions in a research report on Tuesday, April 2nd.

Institutional Trading of Financial Institutions

Several large investors have recently bought and sold shares of FISI. CWM LLC grew its stake in shares of Financial Institutions by 193.3% in the 4th quarter. CWM LLC now owns 1,566 shares of the bank’s stock valued at $33,000 after buying an additional 1,032 shares during the period. AJOVista LLC acquired a new position in shares of Financial Institutions in the 4th quarter worth approximately $66,000. Lazard Asset Management LLC acquired a new position in shares of Financial Institutions in the 1st quarter worth approximately $98,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Financial Institutions by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,811 shares of the bank’s stock worth $166,000 after acquiring an additional 742 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Financial Institutions by 28.0% in the 4th quarter. SG Americas Securities LLC now owns 8,299 shares of the bank’s stock worth $177,000 after acquiring an additional 1,817 shares during the last quarter. Hedge funds and other institutional investors own 60.45% of the company’s stock.

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.