Robert N. Latella, a director at Financial Institutions Inc (NASDAQ:FISI), recently purchased 4,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The acquisition, which took place on December 13, was executed at a price of $25 per share, totaling $100,000. The stock has since appreciated to $28.92, trading near its 52-week high of $29.14, according to InvestingPro data. Following this transaction, Latella holds 16,000 shares indirectly, with these shares being held in an IRA. Additionally, he owns 30,206 shares directly, reflecting his continued investment in the company. The $446 million market cap company has demonstrated strong shareholder returns with a dividend yield of 4.16% and 13 consecutive years of dividend increases. InvestingPro subscribers can access detailed insider trading analysis and 8 additional key insights about FISI's financial health and market position.
In other recent news, Financial Institutions, Inc. has seen significant developments. The company has launched a $100 million base common equity offering at $25 per share, intended to support a balance sheet restructuring plan. This plan involves selling approximately $575 million of lower-yielding securities and reinvesting the proceeds into higher-yielding investments. The restructuring is expected to enhance the bank's profitability, with projections suggesting a roughly 30 basis points improvement to the bank's return on assets.
Keefe, Bruyette & Woods has increased the price target for Financial Institutions to $29, maintaining a Market Perform rating on the stock. The revised price target reflects the positive developments and the expected impact on the bank's financial performance. In addition, the company has announced a quarterly cash dividend of $0.30 per common share and declared dividends for preferred stockholders.
However, the company reported a decrease in net income for the third quarter of 2024, totaling $13.1 million. Despite a slight decrease in total loans, Financial Institutions, Inc. 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.
Furthermore, Christopher Campise has been appointed as the new Senior Vice President and Chief Information Officer of Five Star Bank. 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.