Trading Report: The Essex Financial Services Inc. Increases Position in First Niagara Financial Group Inc. (FNFG)

The Essex Financial Services Inc. Increases Position in First Niagara Financial Group Inc. (FNFG)

Essex Financial Services Inc. increased its position in shares of First Niagara Financial Group Inc. (NASDAQ:FNFG) by 8.0% during the second quarter, Holdings Channel reports. The fund owned 65,877 shares of the financial services provider’s stock after buying an additional 4,856 shares during the period. Essex Financial Services Inc.’s holdings in First Niagara Financial Group were worth $642,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in FNFG. Oakbrook Investments LLC raised its stake in First Niagara Financial Group by 13.2% in the second quarter. Oakbrook Investments LLC now owns 18,000 shares of the financial services provider’s stock worth $175,000 after buying an additional 2,100 shares during the last quarter. LS Investment Advisors LLC raised its stake in First Niagara Financial Group by 72.0% in the second quarter. LS Investment Advisors LLC now owns 21,218 shares of the financial services provider’s stock worth $207,000 after buying an additional 8,880 shares during the last quarter. Sphinx Trading LP raised its stake in First Niagara Financial Group by 29.8% in the second quarter. Sphinx Trading LP now owns 25,588 shares of the financial services provider’s stock worth $249,000 after buying an additional 5,882 shares during the last quarter. Bank of Montreal Can bought a new stake in First Niagara Financial Group during the second quarter worth about $297,000. Finally, IBM Retirement Fund raised its stake in First Niagara Financial Group by 0.5% in the second quarter. IBM Retirement Fund now owns 35,538 shares of the financial services provider’s stock worth $346,000 after buying an additional 172 shares during the last quarter.

First Niagara Financial Group Inc. (NASDAQ:FNFG) remained flat at $10.18 during trading on Friday. First Niagara Financial Group Inc. has a 12 month low of $8.54 and a 12 month high of $11.22. The stock has a 50-day moving average price of $10.01 and a 200-day moving average price of $9.98.

First Niagara Financial Group (NASDAQ:FNFG) last released its quarterly earnings results on Friday, July 29th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.03. During the same period in the previous year, the company earned $0.15 earnings per share. On average, equities analysts anticipate that First Niagara Financial Group Inc. will post $0.57 earnings per share for the current fiscal year.

Separately, Zacks Investment Research lowered First Niagara Financial Group from a “buy” rating to a “sell” rating in a research note on Wednesday, July 6th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $10.86.

First Niagara Financial Group Company Profile

First Niagara Financial Group Inc is a bank holding company for First Niagara Bank, N.A. (the Bank). The Bank is engaged in providing financial services to individuals and businesses in New York, Western and Eastern Pennsylvania, Connecticut, and Western Massachusetts. The Bank is a nationally chartered regional bank providing financial services to individuals, families and businesses.

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