Kevin B. Quinn, Chief Commercial Banking Officer at Financial Institutions Inc (NASDAQ:FISI), recently purchased 400 shares of the company's common stock. The shares were acquired on December 13 at $25 each, amounting to $10,000. The timing appears strategic, as FISI stock has shown remarkable strength with a 73% gain over the past six months, currently trading near its 52-week high of $29.14. According to InvestingPro, the stock is currently fairly valued. Following this acquisition, Quinn holds a direct ownership of 3,705 shares. Additionally, Quinn has 20 shares held indirectly through a 401(k) plan, as noted in a footnote related to the transaction. The $446 million market cap company offers a compelling 4.16% dividend yield and has raised its dividend for 13 consecutive years. InvestingPro subscribers can access 8 additional key insights about FISI's financial health and market position through exclusive ProTips.
In other recent news, Financial Institutions, Inc. has experienced significant developments. The company has announced a balance sheet restructuring plan, which involves selling approximately $575 million of lower-yielding securities and reinvesting the proceeds into higher-yielding investments. This strategy is expected to improve the bank's return on assets and enhance its profitability. Keefe, Bruyette & Woods have adjusted their price target for Financial Institutions to $29, maintaining a Market Perform rating on the stock.
Financial Institutions also launched a public offering of its common stock, with the net proceeds intended for general corporate purposes, including supporting the balance sheet restructuring. The company has declared a quarterly cash dividend of $0.30 per common share, demonstrating its commitment to providing shareholder value. Despite a decrease in net income for the third quarter of 2024, the company's net interest margin saw an increase.
In addition, Financial Institutions announced the appointment of Christopher Campise as the new Senior Vice President and Chief Information Officer of Five Star Bank. This move aligns with the company's long-term goals of enhancing its technological development. Despite a slight decrease in total loans, the company has seen an increase in total deposits. Analysts have adjusted the company's projected annual loan growth for 2024 to the lower end of the 1% to 3% range. These are recent developments that investors should take note of.
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