Charles Schwab Investment Management Inc. Grows Stock Holdings in Financial Institutions, Inc. (NASDAQ:FISI)

Charles Schwab Investment Management Inc. boosted its holdings in Financial Institutions, Inc. (NASDAQ:FISI) by 0.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 125,323 shares of the bank’s stock after purchasing an additional 895 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Financial Institutions were worth $3,420,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC grew its holdings in Financial Institutions by 18.6% during the 3rd quarter. FMR LLC now owns 38,368 shares of the bank’s stock valued at $977,000 after buying an additional 6,025 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Financial Institutions by 421.4% in the third quarter. BNP Paribas Financial Markets now owns 19,793 shares of the bank’s stock worth $504,000 after buying an additional 15,997 shares in the last quarter. Fourthstone LLC bought a new position in shares of Financial Institutions during the third quarter worth $518,000. Martingale Asset Management L P grew its stake in Financial Institutions by 6.7% during the third quarter. Martingale Asset Management L P now owns 57,035 shares of the bank’s stock valued at $1,453,000 after acquiring an additional 3,603 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Financial Institutions by 1.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 59,725 shares of the bank’s stock valued at $1,521,000 after acquiring an additional 1,137 shares during the last quarter. 60.45% of the stock is owned by institutional investors.

Financial Institutions Stock Down 0.8 %

Shares of NASDAQ FISI opened at $25.56 on Friday. The stock has a market capitalization of $513.19 million, a price-to-earnings ratio of -17.63 and a beta of 0.86. Financial Institutions, Inc. has a 12-month low of $16.29 and a 12-month high of $29.79. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The firm’s 50-day moving average price is $27.22 and its 200-day moving average price is $26.57.

Financial Institutions (NASDAQ:FISI) last issued its quarterly earnings data on Thursday, January 30th. The bank reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.20). Financial Institutions had a negative net margin of 6.69% and a positive return on equity of 11.12%. On average, equities research analysts anticipate that Financial Institutions, Inc. will post 3.3 EPS for the current fiscal year.

Financial Institutions Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Friday, March 14th will be given a $0.31 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Financial Institutions’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 4.85%. Financial Institutions’s dividend payout ratio (DPR) is currently -85.52%.

Analysts Set New Price Targets

Several research firms have commented on FISI. StockNews.com raised shares of Financial Institutions from a “sell” rating to a “hold” rating in a report on Tuesday, February 11th. Keefe, Bruyette & Woods raised Financial Institutions from a “market perform” rating to an “outperform” rating and increased their price target for the company from $29.00 to $34.00 in a research note on Monday, February 3rd. Stephens restated an “equal weight” rating and set a $32.00 price target on shares of Financial Institutions in a report on Tuesday, March 11th. Finally, Piper Sandler initiated coverage on Financial Institutions in a report on Friday, December 20th. They set an “overweight” rating and a $33.00 price objective on the 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.