Northern Trust Corp Increases Position in Financial Institutions, Inc. (FISI)
Northern Trust Corp boosted its position in shares of Financial Institutions, Inc. (NASDAQ:FISI) by 4.6% in the second quarter, Holdings Channel reports. The institutional investor owned 304,931 shares of the bank’s stock after acquiring an additional 13,316 shares during the period. Northern Trust Corp’s holdings in Financial Institutions were worth $10,033,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of FISI. Dimensional Fund Advisors LP raised its position in Financial Institutions by 4.7% during the second quarter. Dimensional Fund Advisors LP now owns 1,246,022 shares of the bank’s stock valued at $40,994,000 after purchasing an additional 56,106 shares during the period. BlackRock Inc. raised its position in Financial Institutions by 5.0% during the first quarter. BlackRock Inc. now owns 1,170,659 shares of the bank’s stock valued at $34,652,000 after purchasing an additional 55,557 shares during the period. LSV Asset Management raised its position in Financial Institutions by 9.7% during the second quarter. LSV Asset Management now owns 479,178 shares of the bank’s stock valued at $15,764,000 after purchasing an additional 42,300 shares during the period. United Services Automobile Association raised its position in Financial Institutions by 63.2% during the second quarter. United Services Automobile Association now owns 53,441 shares of the bank’s stock valued at $1,758,000 after purchasing an additional 20,700 shares during the period. Finally, Martingale Asset Management L P raised its position in Financial Institutions by 95.6% during the second quarter. Martingale Asset Management L P now owns 40,511 shares of the bank’s stock valued at $1,333,000 after purchasing an additional 19,800 shares during the period. Institutional investors and hedge funds own 70.75% of the company’s stock.
Shares of FISI stock opened at $29.13 on Friday. Financial Institutions, Inc. has a 1 year low of $26.48 and a 1 year high of $34.35. The company has a current ratio of 0.81, a quick ratio of 0.79 and a debt-to-equity ratio of 0.10. The company has a market cap of $471.70 million, a price-to-earnings ratio of 12.14 and a beta of 0.93.
In other Financial Institutions news, CEO Martin Kearney Birmingham purchased 2,000 shares of Financial Institutions stock in a transaction dated Tuesday, October 30th. The shares were purchased at an average cost of $28.44 per share, for a total transaction of $56,880.00. Following the completion of the acquisition, the chief executive officer now owns 74,596 shares in the company, valued at approximately $2,121,510.24. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders bought 3,845 shares of company stock worth $114,655. Company insiders own 4.34% of the company’s stock.
A number of equities research analysts have issued reports on FISI shares. Zacks Investment Research upgraded Financial Institutions from a “hold” rating to a “buy” rating and set a $35.00 price objective on the stock in a research report on Thursday, August 2nd. BidaskClub downgraded Financial Institutions from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Finally, ValuEngine downgraded Financial Institutions from a “hold” rating to a “sell” rating in a research report on Thursday, October 18th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $35.33.
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Financial Institutions Profile
Financial Institutions, Inc operates as the holding company for Five Star Bank that provides banking and financial services to individuals, municipalities, and businesses. It operates in two segments, Banking and Non-Banking. The company offers checking and savings account programs, including money market accounts, certificates of deposit, and sweep investments, as well as individual retirement and other qualified plan accounts.
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