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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

5 Cheap Small Bank Stocks (Update 2)

Stocks in this article: BAC WIBC OFG FISI BANC IBCA

3. Financial Institutions, Inc.

Shares of Financial Institutions, Inc. (FISI) of Warsaw, N.Y., closed at $15.87 Thursday, down 1% year-to-date, following a 12% decline during 2011. Based on a 13-cent quarterly payout, the shares have a dividend yield of 3.28%.

The shares trade for nine times the consensus 2013 EPS estimate of $1.80, and for 1.2 times tangible book value.

The consensus 2012 EPS estimate is $1.71.

The company finished redeeming TARP preferred shares in March 2011.

Financial Institutions, Inc., in January agreed to purchase four branches in New York and Connecticut from HSBC (HBC) and four from First Niagara Financial Group (FNFG), in connection with the latter company's purchase of about 200 HSBC branches, and divestiture of about 100 branches.

FISI reported fourth-quarter net income applicable to common shareholders of $5.4 million, or 39 cents a share, increasing from $4.2 million, or 38 cents a share, a year earlier.

Janney Capital Markets analyst Rick Weiss on Jan. 27 reiterated his "Buy" rating for Financial Institutions, Inc., with a fair value estimate of $20, saying that the fourth-quarter results and the branch deal "affirm our opinion that management continues to improve the company's attractive upstate New York franchise."

Weiss estimates that the company will earn $1.70 a share during 2012, followed by 2013 EPS of $1.80.

Interested in more on Financial Institutions, Inc.? See TheStreet Ratings' report card for this stock.

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