As of the most recent Form 13F filing with the SEC, PL Capital Advisors LLC has seen an 83% increase in its position held of Financial Institutions, Inc. (NASDAQ:FISI) during the fourth quarter. The additional purchase of 103,800 shares brings their stake to a total of 228,800 shares. This represents a significant increase in Financial Institutions holdings by PL Capital Advisors LLC as it was now the firms 18th largest position, comprising 1.5% of their holdings and valued at $5,574,000 at the end of the quarter.
What’s more is that news has emerged from filings made to the SEC that both Director Samuel M. Gullo and Director Robert N. Latella have been acquiring company stock recently. Gullo purchased 2,000 shares on May 8th for an average cost of $15.94 per share totaling $31,880 whereas Latella engaged in a larger transaction just four days prior on May 4th where he bought up some $150,600 worth of company stock for an average value per-share at $15.06.
In aggregate since February this year though insiders have acquired no less than 14,500 total shares valued at $222675 importantly meaning that insiders currently hold almost exactly two percent (2%) of company stock.
Financial Institutions made a move to increase dividends recently with its announcement that its quarterly dividend payment was to rise from $0.29 per-stock-share owned to now be paying out a very positive amount per-stock-share owned valued at $0.30 every quarter instead which sends all investors surrounding FISI into enthusiasm overdrive; with clear delivery of increasing returns being responded too positively by even those who might only retain and hold very minute amounts as well as similarly equities analysts inclined toward investment opportunities among concerns related small-capital banking like FISI.
This elevation not only demonstrates confidence by management but also reaffirms their continued goal to maximize and disclose the most efficient use of capital as well as their commitment to retaining the loyalty of equity owners. Namely, that FISI seeks to maintain a culture of growth in the financial sector surrounding a strict focus on rewarding those investors willing to take part in ownership capacity- as evidenced by their current roster of key investors.
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Institutional Investors and Hedge Funds Increase Interest in Financial Institutions, Inc. (FISI) Despite Criticism
Institutional investors and hedge funds are showing increased interest in Financial Institutions, Inc. (FISI), a banking organization with a market cap of $250.48 million. The latest changes in holdings by large investment firms show positive trends for FISI stock, which opened at $16.29 on May 16th, 2023.
The first quarter of the year saw Dimensional Fund Advisors LP increase its holdings by 0.8%, bringing its total share count to 1,258,738 and a valuation of $37,926,000 after purchasing an additional 9,639 shares during that period.
BlackRock Inc. also significantly increased its stake in FISI by 2.6% to over one million shares worth $36,145,000 by acquiring an additional 30,179 shares during the same period. Vanguard Group Inc., another prominent institutional investor in FISI, upped their stake by 0.9%.
Additionally, other hedge funds such as FMR LLC have seen positive shifts with an increase in their shared value of Financial Institutions by 2%. State Street Corp acquired an additional 115k shares of FISI which brought their total ownership percentage of the company to more than two-thirds (67%) between both institutional investors and hedge funds.
However, Financial Institutions has not been impervious to criticism either – TheStreet downgraded them from ‘b-‘ to ‘c+’ rating on May 2nd earlier this year while StockNews.com labeled their coverage as “hold” since March.
Despite an apparent lackluster performance reflected in various news reports on FISI stocks – marked mostly due to COVID-19 impacts – there’s little denying that these moves made from big investment players have boosted shareholder confidence and trustworthiness for long-term prospects for the bank’s future growth potential and stability moving forward.
