Short Interest in Financial Institutions, Inc. (NASDAQ:FISI) Rises By 196.9%

Financial Institutions, Inc. (NASDAQ:FISI) was the target of a significant growth in short interest in December. As of December 15th, there was short interest totalling 123,200 shares, a growth of 196.9% from the November 30th total of 41,500 shares. Based on an average trading volume of 72,100 shares, the short-interest ratio is presently 1.7 days.

Financial Institutions Trading Down 0.0 %

Shares of FISI stock traded down $0.01 during mid-day trading on Thursday, hitting $27.38. The company’s stock had a trading volume of 155,598 shares, compared to its average volume of 58,506. Financial Institutions has a 52 week low of $16.29 and a 52 week high of $29.34. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.86. The company’s fifty day simple moving average is $26.60 and its 200-day simple moving average is $24.25. The company has a market cap of $423.68 million, a PE ratio of 8.61 and a beta of 0.92.

Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings results on Thursday, October 24th. The bank reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.08. The firm had revenue of $50.12 million for the quarter. Financial Institutions had a return on equity of 11.32% and a net margin of 13.72%. During the same quarter in the previous year, the company posted $0.88 earnings per share. As a group, equities research analysts expect that Financial Institutions will post 3.66 earnings per share for the current fiscal year.

Financial Institutions Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 4.38%. Financial Institutions’s dividend payout ratio (DPR) is presently 37.74%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FISI shares. Keefe, Bruyette & Woods lifted their price target on shares of Financial Institutions from $27.00 to $28.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler started coverage on shares of Financial Institutions in a research note on Friday, December 20th. They set an “overweight” rating and a $33.00 target price on the stock. Finally, StockNews.com cut Financial Institutions from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th.

Insider Activity at Financial Institutions

In related news, Director Robert N. Latella purchased 4,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was acquired at an average cost of $25.00 per share, for a total transaction of $100,000.00. Following the completion of the purchase, the director now owns 16,000 shares in the company, valued at approximately $400,000. This represents a 33.33 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Financial Institutions

Several hedge funds and other institutional investors have recently modified their holdings of the company. Innealta Capital LLC acquired a new stake in Financial Institutions in the 2nd quarter valued at $25,000. US Bancorp DE lifted its stake in shares of Financial Institutions by 119.3% in the third quarter. US Bancorp DE now owns 2,572 shares of the bank’s stock valued at $66,000 after buying an additional 1,399 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Financial Institutions during the third quarter valued at about $164,000. CWM LLC increased its position in shares of Financial Institutions by 50.3% during the third quarter. CWM LLC now owns 8,172 shares of the bank’s stock worth $208,000 after acquiring an additional 2,734 shares in the last quarter. Finally, Stonebrook Private Inc. acquired a new stake in shares of Financial Institutions in the 3rd quarter worth about $218,000. 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.