Laurie R. Collins, the Chief Human Resources Officer at Financial Institutions Inc (NASDAQ:FISI), recently acquired 2,000 shares of the company's common stock. The timing appears strategic, as InvestingPro data shows FISI trading near its 52-week high after an impressive 50% gain over the past year. The transaction, reported on December 13, 2024, was valued at approximately $50,000, with each share priced at $25. Following this purchase, Collins holds a total of 4,719 shares directly. Additionally, Collins has 687 shares indirectly held in a 401(k) plan, which includes 8 shares acquired since the last ownership report. The $446 million market cap company currently trades at an attractive 9x P/E ratio and offers a 4.16% dividend yield, having maintained dividend payments for 26 consecutive years. InvestingPro subscribers can access 8 additional key insights about FISI, including detailed Fair Value analysis and comprehensive Pro Research Reports.
In other recent news, Financial Institutions, Inc. has seen a flurry of activity. Keefe, Bruyette & Woods raised their price target for the company to $29, following the announcement of a substantial balance sheet restructuring plan. The bank recently priced a $100 million base common equity offering at $25 per share, aiming to bolster the restructuring efforts. The move is expected to enhance the bank's profitability, with projections indicating a 6% increase in estimated earnings for 2025 and a 4% increase for 2026.
Financial Institutions, Inc. also launched a public stock offering, intending to use the proceeds for general corporate purposes, including further balance sheet restructuring. In addition, the company declared a quarterly cash dividend of $0.30 per common share, demonstrating its commitment to shareholder value. However, the third quarter of 2024 saw a decrease in net income, totaling $13.1 million, due to the absence of a one-time gain from the sale of its insurance business.
The company also announced the appointment of Christopher Campise as the new Senior Vice President and Chief Information Officer of Five Star Bank. 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.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.