Financial Institutions, Inc. (NASDAQ:FISI) Short Interest Update

Financial Institutions, Inc. (NASDAQ:FISI) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 63,100 shares, a drop of 8.7% from the October 15th total of 69,100 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average daily volume of 40,100 shares, the short-interest ratio is presently 1.6 days.

Wall Street Analysts Forecast Growth

FISI has been the topic of a number of analyst reports. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $25.00 price target (up from $20.00) on shares of Financial Institutions in a research note on Monday, July 29th. StockNews.com cut shares of Financial Institutions from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd.

Hedge Funds Weigh In On Financial Institutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PL Capital Advisors LLC increased its stake in shares of Financial Institutions by 408.0% during the 3rd quarter. PL Capital Advisors LLC now owns 1,771,516 shares of the bank’s stock worth $45,121,000 after purchasing an additional 1,422,765 shares in the last quarter. Zacks Investment Management purchased a new position in Financial Institutions during the third quarter worth $4,706,000. Acadian Asset Management LLC raised its holdings in shares of Financial Institutions by 27.7% in the first quarter. Acadian Asset Management LLC now owns 298,398 shares of the bank’s stock worth $5,615,000 after acquiring an additional 64,680 shares during the last quarter. Segall Bryant & Hamill LLC purchased a new stake in shares of Financial Institutions in the third quarter valued at $1,364,000. Finally, AQR Capital Management LLC increased its position in Financial Institutions by 147.3% during the 2nd quarter. AQR Capital Management LLC now owns 63,213 shares of the bank’s stock worth $1,221,000 after purchasing an additional 37,653 shares in the last quarter. Institutional investors and hedge funds own 60.45% of the company’s stock.

Financial Institutions Price Performance

Shares of FISI traded down $0.29 on Monday, reaching $26.54. The stock had a trading volume of 35,021 shares, compared to its average volume of 50,110. Financial Institutions has a twelve month low of $16.29 and a twelve month high of $28.12. The firm has a market capitalization of $410.57 million, a PE ratio of 8.44 and a beta of 0.90. The firm has a 50-day moving average of $25.49 and a 200 day moving average of $22.49. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.26.

Financial Institutions (NASDAQ:FISI) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.08. Financial Institutions had a return on equity of 11.32% and a net margin of 13.72%. The business had revenue of $50.12 million during the quarter. During the same quarter in the prior year, the business earned $0.88 EPS. Sell-side analysts expect that Financial Institutions will post 3.6 EPS for the current year.

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.