Wedge Capital Management L L P NC Continues to Hold Stake in Financial Institutions Inc. (FISI)
Wedge Capital Management L L P NC continued to hold its stake in shares of Financial Institutions Inc. (NASDAQ:FISI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,475 shares of the company’s stock at the end of the second quarter. Wedge Capital Management L L P NC’s holdings in Financial Institutions were worth $1,003,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in shares of Financial Institutions by 3.3% in the first quarter. Wellington Management Group LLP now owns 1,090,228 shares of the company’s stock valued at $31,693,000 after buying an additional 34,907 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of Financial Institutions during the second quarter valued at about $208,000. Strs Ohio boosted its stake in shares of Financial Institutions by 8.1% in the second quarter. Strs Ohio now owns 17,400 shares of the company’s stock valued at $453,000 after buying an additional 1,300 shares in the last quarter. Finally, ClariVest Asset Management LLC boosted its stake in shares of Financial Institutions by 4.5% in the second quarter. ClariVest Asset Management LLC now owns 11,700 shares of the company’s stock valued at $305,000 after buying an additional 500 shares in the last quarter. Institutional investors own 59.18% of the company’s stock.
Financial Institutions Inc. (NASDAQ:FISI) traded up 0.11% on Tuesday, reaching $26.45. 6,798 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $26.87 and a 200 day moving average price of $27.12. Financial Institutions Inc. has a 12-month low of $24.56 and a 12-month high of $29.53. The stock has a market cap of $382.31 million, a price-to-earnings ratio of 13.43 and a beta of 1.05.
Financial Institutions (NASDAQ:FISI) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.47 EPS for the quarter, missing the consensus estimate of $0.48 by $0.01. Financial Institutions had a return on equity of 10.28% and a net margin of 20.63%. Analysts forecast that Financial Institutions Inc. will post $1.93 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Monday, September 12th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, September 8th. This represents a $0.80 annualized dividend and a dividend yield of 3.03%. Financial Institutions’s dividend payout ratio (DPR) is presently 40.61%.
Separately, Keefe, Bruyette & Woods raised their target price on shares of Financial Institutions from $26.00 to $27.00 and gave the stock a “market perform” rating in a report on Thursday, July 28th.
In other news, Director Andrew W. Dorn, Jr. acquired 1,000 shares of Financial Institutions stock in a transaction that occurred on Friday, July 29th. The stock was purchased at an average price of $27.11 per share, for a total transaction of $27,110.00. Following the purchase, the director now directly owns 12,205 shares in the company, valued at approximately $330,877.55. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Martin Kearney Birmingham acquired 5,000 shares of Financial Institutions stock in a transaction that occurred on Wednesday, August 17th. The shares were purchased at an average price of $26.64 per share, with a total value of $133,200.00. Following the purchase, the chief executive officer now owns 85,632 shares in the company, valued at $2,281,236.48. The disclosure for this purchase can be found here. Corporate insiders own 6.23% of the company’s stock.
About Financial Institutions
Financial Institutions, Inc (FII) is a financial holding company. The Company conducts its business through its subsidiaries: Five Star Bank (the Bank), a New York chartered bank, and Scott Danahy Naylon, LLC (SDN), a full service insurance agency. The Company offers an array of deposit, lending, insurance services and other financial services to individuals, municipalities and businesses in Western and Central New York through the Bank.
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