Short Interest in Financial Institutions, Inc. (NASDAQ:FISI) Declines By 14.4%

Financial Institutions, Inc. (NASDAQ:FISI) was the target of a significant drop in short interest in January. As of January 30th, there was short interest totaling 378,023 shares, a drop of 14.4% from the January 15th total of 441,559 shares. Approximately 1.9% of the company’s stock are sold short. Based on an average daily trading volume, of 131,252 shares, the days-to-cover ratio is currently 2.9 days. Based on an average daily trading volume, of 131,252 shares, the days-to-cover ratio is currently 2.9 days. Approximately 1.9% of the company’s stock are sold short.

Wall Street Analyst Weigh In

FISI has been the subject of several research reports. Keefe, Bruyette & Woods raised their price target on shares of Financial Institutions from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Financial Institutions in a research report on Monday, December 29th. Wall Street Zen raised shares of Financial Institutions from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Piper Sandler restated a “neutral” rating and set a $36.00 price objective (up from $34.00) on shares of Financial Institutions in a research note on Monday, February 2nd. Finally, Zacks Research raised Financial Institutions to a “hold” rating in a research report on Thursday, December 18th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.33.

Institutional Investors Weigh In On Financial Institutions

Several hedge funds have recently added to or reduced their stakes in the business. PL Capital Advisors LLC grew its holdings in Financial Institutions by 30.4% in the 3rd quarter. PL Capital Advisors LLC now owns 1,774,886 shares of the bank’s stock valued at $48,277,000 after buying an additional 413,376 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Financial Institutions by 6.2% during the second quarter. Geode Capital Management LLC now owns 477,865 shares of the bank’s stock worth $12,274,000 after buying an additional 27,770 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Financial Institutions by 412.7% in the third quarter. Thrivent Financial for Lutherans now owns 53,366 shares of the bank’s stock valued at $1,451,000 after acquiring an additional 42,957 shares during the period. Dynamic Technology Lab Private Ltd grew its stake in shares of Financial Institutions by 98.3% in the second quarter. Dynamic Technology Lab Private Ltd now owns 31,811 shares of the bank’s stock valued at $817,000 after acquiring an additional 15,768 shares in the last quarter. Finally, Allworth Financial LP grew its stake in shares of Financial Institutions by 925.2% in the second quarter. Allworth Financial LP now owns 2,850 shares of the bank’s stock valued at $73,000 after acquiring an additional 2,572 shares in the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.

Financial Institutions Stock Down 2.8%

Financial Institutions stock opened at $33.82 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.87 and a quick ratio of 0.87. The company’s 50-day moving average is $32.63 and its 200-day moving average is $29.50. The firm has a market capitalization of $680.80 million, a PE ratio of 9.37 and a beta of 0.70. Financial Institutions has a fifty-two week low of $20.97 and a fifty-two week high of $35.47.

Financial Institutions (NASDAQ:FISI) last issued its earnings results on Thursday, January 29th. The bank reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01. The business had revenue of $64.12 million during the quarter, compared to the consensus estimate of $62.99 million. Financial Institutions had a net margin of 19.81% and a return on equity of 12.75%. Sell-side analysts anticipate that Financial Institutions will post 3.3 earnings per share for the current year.

Financial Institutions Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Friday, March 13th will be paid a dividend of $0.32 per share. The ex-dividend date is Friday, March 13th. This represents a $1.28 annualized dividend and a dividend yield of 3.8%. This is an increase from Financial Institutions’s previous quarterly dividend of $0.31. Financial Institutions’s dividend payout ratio is presently 34.35%.

About Financial Institutions

Financial Institutions, Inc (NASDAQ: FISI) is a non-diversified, closed-end management investment company that seeks to provide tax-advantaged income to shareholders. The company invests primarily in investment-grade municipal obligations issued by states, municipalities and government agencies across the United States. By focusing on high-credit-quality bonds, Financial Institutions aims to deliver current income that is exempt from federal income tax.

In constructing its portfolio, the company may also utilize money market instruments and repurchase agreements to manage liquidity and facilitate efficient settlement.