An investor group that includes Clover Partners LP, Johnny Guerry, Terry Philen and other affiliated entities updated its stake in Warsaw, N.Y.-based Financial Institutions Inc. to 4.3%.

The stake is based on aggregate beneficial ownership of 623,882 shares out of the company's 14,527,719 outstanding common stock as of Oct. 28.

The group previously owned more than the mandatory reporting minimum of 5% and made several open sales of the stock from Nov. 14 to Dec. 8, ranging from 344 shares to 35,548 shares at prices ranging from $30.75 per share to $33.52 per share.

The investor group previously pressed for a sale of Financial Institutions and nominated Guerry and Philen to the board, but ultimately failed, despite garnering support from Peter Humphrey, former president, CEO and director of the company. On the other hand, several advisory firms recommended votes for the company's own director-nominees.