Financial Institutions, Inc. (NASDAQ:FISI) Sees Significant Increase in Short Interest

Financial Institutions, Inc. (NASDAQ:FISI) experienced a notable rise in short interest during January. As of January 15th, short interest totaled 159,700 shares, which marks an increase of 26.8% compared to the December 31st total of 125,900 shares. Given the average daily trading volume of 101,000 shares, the days-to-cover ratio stands at 1.6 days.

Insider Activity

In related news, Director Robert N. Latella purchased 4,000 shares of Financial Institutions stock on December 13th. The shares were acquired at an average price of $25.00 per share, bringing the total value of the transaction to $100,000. Post-purchase, Latella's direct ownership in the company increased to 16,000 shares, valued at approximately $400,000. This transaction represents a 33.33% increase in his stock ownership and was disclosed in a filing with the Securities & Exchange Commission, available for public review. Insiders hold about 2.68% of Financial Institutions stock.

Institutional Trading of Financial Institutions

Recent trading activities by institutional investors and hedge funds have led to changes in their stakes in Financial Institutions. R Squared Ltd established a new position in the company during the fourth quarter, valued at about $30,000. US Bancorp DE increased its shareholding by 119.3% in the third quarter, owning now 2,572 shares worth $66,000, following an additional purchase of 1,399 shares. SG Americas Securities LLC also entered a new position in Financial Institutions, valued at around $164,000 during the same quarter. CWM LLC raised its stake by 50.3%, resulting in ownership of 8,172 shares valued at $208,000 after acquiring 2,734 additional shares. Stonebrook Private Inc. also acquired a new stake in Financial Institutions during the third quarter, worth approximately $218,000. Currently, institutional investors own around 60.45% of the stock.

Financial Institutions Stock Performance

On the trading day last Friday, Financial Institutions stock fell by 2.9%, reaching $26.37. The trading volume was 415,822 shares, significantly higher than the average of 118,414 shares. The company holds a market capitalization of $408.05 million, along with a PE ratio of 8.29 and a beta of 0.91. Over the past year, the stock reached a low of $16.29 and a high of $29.34. Its 50-day moving average price is $27.07, while the 200-day moving average price is noted at $25.81. The company records a debt-to-equity ratio of 0.26, along with quick and current ratios of 0.86.

Recent Earnings Report

Financial Institutions provided an update on its quarterly earnings on January 30th, reporting earnings per share (EPS) of $0.54, which was below the consensus estimate of $0.74 by $0.20. The company reported a net margin of 13.72% and a return on equity of 11.32%. Analysts forecast that Financial Institutions will achieve an EPS of 3.31 for the current year.

Dividend Announcement

The company recently declared a quarterly dividend, which was paid on January 2nd. Shareholders who were on record as of December 13th received a dividend of $0.30. This results in an annual dividend amount of $1.20, corresponding to a dividend yield of 4.55%. The ex-dividend date fell on December 13th, and currently, Financial Institutions maintains a payout ratio of -82.76%.

Analyst Ratings Updates

Financial Institutions has been recently analyzed by various research firms. StockNews.com downgraded the company from a "buy" rating to a "hold" rating as of December 18th. Keefe, Bruyette & Woods raised their price target from $27.00 to $28.00, maintaining a "market perform" rating. Meanwhile, Stephens reaffirmed an "equal weight" rating with a price target of $33.00. Additionally, Piper Sandler began coverage and assigned an "overweight" rating along with a $33.00 price target for the stock.

Company Overview

Financial Institutions, Inc operates as a holding company for Five Star Bank, which is a chartered bank offering banking and financial services to individuals, businesses, and municipalities primarily in New York. Their services include checking and savings accounts, money market accounts, certificates of deposit, retirement accounts, and more.

Financial, Institutions, Stocks