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FISI

Financial Institutions

09:32
05/25/16
05/25
09:32
05/25/16
09:32

Glass Lewis recommends investors vote for Financial Institutions' nominees

Financial Institutions announced that Glass Lewis & Co. has issued a report recommending that Financial Institutions shareholders vote on the BLUE proxy card FOR ALL four of the Company's director nominees - Martin Birmingham, Samuel Gullo, Kim VanGelder and James Wyckoff - at the 2016 Annual Meeting of Shareholders to be held on June 3, 2016. Glass Lewis' clients include institutional investors, mutual funds, pension funds and other fiduciaries. The Glass Lewis recommendation follows the recommendation issued last week by Institutional Shareholder Services which also recommended that FISI shareholders vote the BLUE proxy card FOR ALL four of the Company's director nominees. In its May 24, 2016 report, Glass Lewis stated: "We find that the Company has generally outperformed peers and regional bank indices over the near-and longer-term, including over the one-year, three-year and 10-year periods reviewed in our analysis... We find no cause for concern with the Company's strategic direction, which has been clearly communicated to investors and upon which management appears to be making progress, in our view... Given the Company's generally favorable financial performance and clear strategy, we agree with the incumbent board that pursuing a sale at this juncture, particularly under the duress of a proxy contest, may not be in the best interests of shareholders." Glass Lewis ultimately concluded that: "In conclusion, we do not believe the Dissident [Clover Partners] has made a compelling case that electing its nominees to the board is warranted or in the best interests of all shareholders at this time."

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FISI Financial Institutions

09/15/15
PIPR
09/15/15
INITIATION
Target $27
PIPR
Overweight
Financial Institutions initiated with an Overweight at Piper Jaffray
Target $27.
09/16/15
09/16/15
INITIATION

On the Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Advance Auto Parts (AAP) initiated with a Hold at Jefferies...Aetna (AET) initiated with an Overweight at JPMorgan...AmSurg (AMSG) initiated with an Overweight at JPMorgan...Anthem (ANTM) initiated with an Overweight at JPMorgan...AutoZone (AZO) initiated with a Hold at Jefferies...Blue Bird (BLBD) initiated with an Outperform at BMO Capital...Broadridge (BR) initiated with an Overweight at Barclays...Brookline Bancorp (BRKL) initiated with a Neutral at Piper Jaffray...Camden National (CAC) initiated with an Overweight at Piper Jaffray...Cedar Fair (FUN) initiated with a Buy at Janney Capital...Cigna (CI) initiated with an Overweight at JPMorgan...Community Health (CYH) initiated with a Neutral at JPMorgan...Envision Healthcare (EVHC) initiated with an Overweight at JPMorgan...Everyday Health (EVDY) initiated with an Outperform at Cowen...Financial Institutions (FISI) initiated with an Overweight at Piper Jaffray...Flushing Financial (FFIC) initiated with an Overweight at Piper Jaffray...Genuine Parts (GPC) initiated with a Buy at Jefferies...Hasbro (HAS) initiated with a Buy at Sterne Agee CRT...Heartland Payment (HPY) initiated with an Equal Weight at Barclays...Humana (HUM) initiated with an Overweight at JPMorgan...Infinity Property (IPCC) initiated with an Outperform at JMP Securities...Intec Pharma (NTEC) initiated with a Buy at Maxim...Kindred Healthcare (KND) initiated with a Neutral at JPMorgan...MEDNAX (MD) initiated with an Overweight at JPMorgan...Medivation (MDVN) initiated with a Buy at Nomura...Monro Muffler (MNRO) initiated with a Buy at Jefferies...Nielsen (NLSN) initiated with an Outperform at William Blair...O'Reilly Automotive (ORLY) initiated with a Buy at Jefferies...Plains All American (PAA) initiated with a Hold at Evercore ISI...Plains GP Holdings (PAGP) initiated with a Buy at Evercore ISI...Progressive (PGR) initiated with an Outperform at JMP Securities...Rentrak (RENT) initiated with a Market Perform at William Blair...STORE Capital (STOR) initiated with an Outperform at BMO Capital...Six Flags (SIX) initiated with a Buy at Janney Capital...Surgical Care Affiliates (SCAI) initiated with a Neutral at JPMorgan...Team Health (TMH) initiated with an Overweight at JPMorgan...Trovagene (TROV) initiated with a Buy at Cantor...UnitedHealth (UNH) initiated with an Overweight at JPMorgan...Universal Health (UHS) initiated with an Overweight at JPMorgan...Vertex (VRTX) initiated with a Buy at Nomura...comScore (SCOR) initiated with an Outperform at William Blair.
02/26/16
PIPR
02/26/16
DOWNGRADE
Target $27
PIPR
Neutral
Financial Institutions downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Matthew Breese downgraded Financial Institutions to Neutral citing lower margin expectations amid the recent flattening of the yield curve. The analyst lowered his price target for the shares to $27 from $28.

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