Maltese Capital Management LLC Sells 66,000 Shares of Financial Institutions, Inc. $FISI

Maltese Capital Management LLC decreased its position in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 31.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 145,000 shares of the bank’s stock after selling 66,000 shares during the quarter. Maltese Capital Management LLC’s holdings in Financial Institutions were worth $4,520,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in FISI. AQR Capital Management LLC lifted its stake in Financial Institutions by 12.2% in the 1st quarter. AQR Capital Management LLC now owns 97,206 shares of the bank’s stock valued at $2,426,000 after purchasing an additional 10,590 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Financial Institutions by 30.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,333 shares of the bank’s stock worth $283,000 after purchasing an additional 2,617 shares during the period. Empowered Funds LLC raised its position in Financial Institutions by 7.1% during the 1st quarter. Empowered Funds LLC now owns 74,841 shares of the bank’s stock worth $1,868,000 after purchasing an additional 4,979 shares during the last quarter. Jane Street Group LLC acquired a new position in Financial Institutions during the 1st quarter worth about $375,000. Finally, Creative Planning grew its holdings in Financial Institutions by 28.7% in the second quarter. Creative Planning now owns 17,072 shares of the bank’s stock worth $438,000 after purchasing an additional 3,809 shares during the period. Institutional investors and hedge funds own 60.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Weiss Ratings raised Financial Institutions from a “hold (c-)” rating to a “buy (b-)” rating in a research report on Thursday, March 12th. Wall Street Zen downgraded shares of Financial Institutions from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.00.

Financial Institutions Stock Down 2.0%

NASDAQ FISI opened at $37.15 on Tuesday. The stock has a market cap of $731.48 million, a PE ratio of 9.67 and a beta of 0.64. Financial Institutions, Inc. has a 12 month low of $24.41 and a 12 month high of $38.47. The stock’s 50 day moving average is $35.11 and its 200 day moving average is $33.11. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13.

Financial Institutions (NASDAQ:FISI) last released its earnings results on Thursday, April 23rd. The bank reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.12. The business had revenue of $62.67 million for the quarter, compared to analyst estimates of $62.76 million. Financial Institutions had a return on equity of 13.08% and a net margin of 20.85%. Research analysts predict that Financial Institutions, Inc. will post 3.96 EPS for the current fiscal year.

Financial Institutions Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Friday, June 12th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $1.28 annualized dividend and a yield of 3.4%. Financial Institutions’s dividend payout ratio is 33.33%.

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.