Financial Institutions
FISI on Nasdaq. Financial Institutions, Inc. sells banking and investment services to consumers, businesses, and municipalities. Market value $781m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 12 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.21.
Profit per $100 you pay: $10.58.
Quality score: 83 of 100. Price score: 94 of 100. Our list needs 70 on quality and 60 on price.
$39.63 a share, 55% above its 1-year low
Over the past year the price has ranged from $25.61 to $42.97.
Dividend: 3.2% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 29% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $21 million, up 21% on a year ago.
- Spare cash over the past 12 months: $56 million, up from $28 million.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $13m |
| December 2024 | -$83m |
| March 2025 | $17m |
| June 2025 | $18m |
| September 2025 | $20m |
| December 2025 | $20m |
| March 2026 | $21m |
| June 2026 | $21m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 March 2026
- Next quarterly (estimated, 10-Q)
- 2 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 159 funds in all.
- Hotchkis & WileyHotchkis & Wiley team
- Value
- $8m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Hotchkis & WileyHotchkis & Wiley team | $8m | <0.1% | |
| LSV Asset ManagementJosef Lakonishok | $7m | <0.1% | Added |
Largest holders overall
- PL Capital Advisors$71m
- BlackRock$65mAdded
- Dimensional Fund Advisors LP$39mAdded
- Vanguard Capital Management$33m
- Adage Capital Partners GP, L.L.C.$33mCut
- State Street$23mAdded
- Acadian Asset Management$23mAdded
- Geode Capital Management$23mAdded
- Ategra Capital Management$22m
- TWO Sigma Investments, LP$18mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- LASHLEY RICHARD JPassive investorat least 8.9%+1.4 pts(filed with 13 related holders)Since 30 September 2025
What they said
This is the Reporting Persons' second amended Schedule 13D. The Reporting Persons beneficially own 8.9% of the Company in the aggregate, based upon the Company's outstanding shares of Common Stock as of July 31, 2025. The Reporting Persons acquired the Common Stock because they…
Read the filing - BlackRock, Inc.Passive investor8.3%+1.4 ptsSince 30 June 2026
- Wellington Management Company LLPPassive investor5.2%Since 31 December 2025
- Dimensional Fund Advisors LPPassive investor5.1%+0.1 ptsSince 30 June 2026
- Wellington Management Group LLPPassive investorat least 4.6%−0.6 pts(filed with 2 related holders)Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Robert BarnardPassive investorSold down below 5%Since 12 March 2025
What they said
This is the Reporting Persons' initial Schedule 13D. The Reporting Persons beneficially own 6.3% of the Company in the aggregate, based upon the Company's outstanding shares of Common Stock as of February 28, 2025. The Reporting Persons acquired the Common Stock because they…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
LASHLEY RICHARD J Passive investor | at least 8.9%+1.4 pts (filed with 13 related holders) | 30 September 2025 | What they saidThis is the Reporting Persons' second amended Schedule 13D. The Reporting Persons beneficially own 8.9% of the Company in the aggregate, based upon the Company's outstanding shares of Common Stock as of July 31, 2025. The Reporting Persons acquired the Common Stock because they… Read the filing |
BlackRock, Inc. Passive investor | 8.3%+1.4 pts | 30 June 2026 | |
Wellington Management Company LLP Passive investor | 5.2% | 31 December 2025 | |
Dimensional Fund Advisors LP Passive investor | 5.1%+0.1 pts | 30 June 2026 | |
Wellington Management Group LLP Passive investor | at least 4.6%−0.6 pts (filed with 2 related holders) | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Robert Barnard Passive investor | Sold down below 5% | 12 March 2025 | What they saidThis is the Reporting Persons' initial Schedule 13D. The Reporting Persons beneficially own 6.3% of the Company in the aggregate, based upon the Company's outstanding shares of Common Stock as of February 28, 2025. The Reporting Persons acquired the Common Stock because they… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $44,669 of shares on the open market.
- Zupan MarkDirectorBought
- Date
- 2 September 2026
- Shares
- 608
- Price
- $40.77
- Value
- $24,789
- Plants William Jack IIChief Financial OfficerBought
- Date
- 12 March 2026
- Shares
- 660
- Price
- $30.12
- Value
- $19,879
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | Zupan Mark Director | Bought | 608 | $40.77 | $24,789 |
| 12 March 2026 | Plants William Jack II Chief Financial Officer | Bought | 660 | $30.12 | $19,879 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 9 Mar 2026, plus the 10-Q filed 3 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.