Sandra L. Byers, the Principal Accounting Officer at Financial Institutions Inc (NASDAQ:FISI), recently acquired 800 shares of the company's common stock. The purchase, made on December 13, 2024, was executed at a price of $25 per share, totaling $20,000. The stock has since appreciated to $28.92, marking a 50.55% gain over the past year. The $446 million market cap regional bank trades at an attractive 9x earnings and maintains a 13-year streak of dividend increases. According to InvestingPro analysis, the stock is currently fairly valued, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other US stocks.
In other recent news, Financial Institutions, Inc. has seen a series of significant developments. Keefe, Bruyette & Woods raised the company's target to $29, after the announcement of a substantial balance sheet restructuring plan and a $100 million equity offering. This move is expected to enhance the bank's profitability, with a projected increase in earnings for 2025 and 2026. The company also declared a quarterly cash dividend of $0.30 per common share and reported a decrease in Q3 net income, totaling $13.1 million.
Further, Christopher Campise has been appointed as the new Senior Vice President and Chief Information Officer of Five Star Bank, a subsidiary of Financial Institutions, Inc. Despite a minor decrease in total loans, the company has seen an increase in total deposits. However, the projected annual loan growth for 2024 has been adjusted to the lower end of the 1% to 3% range.
These are recent developments that investors should be aware of. Keefe, Bruyette & Woods, Inc., along with Piper Sandler & Co., are managing the offerings and restructuring efforts. These changes are anticipated to support the company's continued growth and provide value to its shareholders.
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