Bank of Montreal Can increased its position in Financial Institutions, Inc. (NASDAQ:FISI) by 34.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 142,952 shares of the bank’s stock after purchasing an additional 36,957 shares during the period. Bank of Montreal Can owned approximately 0.90% of Financial Institutions worth $4,387,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Group One Trading L.P. acquired a new position in Financial Institutions during the second quarter worth $44,000. Prentice Wealth Management LLC bought a new stake in shares of Financial Institutions during the second quarter worth about $48,000. O Shaughnessy Asset Management LLC increased its position in shares of Financial Institutions by 41.5% during the first quarter. O Shaughnessy Asset Management LLC now owns 1,725 shares of the bank’s stock worth $52,000 after acquiring an additional 506 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Financial Institutions by 9.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,790 shares of the bank’s stock worth $114,000 after acquiring an additional 340 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in Financial Institutions by 678.2% in the 1st quarter. Russell Investments Group Ltd. now owns 4,607 shares of the bank’s stock valued at $139,000 after acquiring an additional 4,015 shares in the last quarter. 67.65% of the stock is owned by institutional investors and hedge funds.
In other Financial Institutions news, CEO Martin Kearney Birmingham bought 1,000 shares of Financial Institutions stock in a transaction dated Friday, September 3rd. The stock was bought at an average cost of $30.94 per share, with a total value of $30,940.00. Following the completion of the acquisition, the chief executive officer now directly owns 92,188 shares in the company, valued at approximately $2,852,296.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders bought a total of 2,137 shares of company stock worth $65,648 in the last 90 days. Company insiders own 1.96% of the company’s stock.
Financial Institutions (NASDAQ:FISI) last released its quarterly earnings results on Thursday, July 29th. The bank reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.45. Financial Institutions had a net margin of 32.05% and a return on equity of 14.81%. The company had revenue of $47.92 million for the quarter, compared to analyst estimates of $47.73 million. As a group, equities analysts anticipate that Financial Institutions, Inc. will post 4.28 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 4th. Stockholders of record on Friday, September 17th were paid a $0.27 dividend. The ex-dividend date was Thursday, September 16th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.42%. Financial Institutions’s payout ratio is presently 46.96%.
Separately, Zacks Investment Research downgraded Financial Institutions from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 29th.
Financial Institutions Company Profile
Financial Institutions, Inc is a holding company, which engages in the provision of financial services. It operates through the following segments: Banking, Non-Banking, and Holding Company and Other. The Banking segment includes retail and commercial banking operations. The Non-Banking segment consists the activities of SDN, a full service insurance agency that offers an insurance services to both personal and business clients; and Courier Capital, an investment advisor and wealth management firm that delivers customized investment management, investment consulting, and retirement plan services to individuals, businesses, institutions, foundations, and retirement plans.
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