26,480 Shares in Community Financial System, Inc. $CBU Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company bought a new stake in Community Financial System, Inc. (NYSE:CBU) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 26,480 shares of the bank’s stock, valued at approximately $1,777,000.

Several other hedge funds have also recently added to or reduced their stakes in CBU. GAMMA Investing LLC lifted its stake in Community Financial System by 38.4% in the second quarter. GAMMA Investing LLC now owns 541 shares of the bank’s stock worth $36,000 after acquiring an additional 150 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Community Financial System by 0.4% in the 2nd quarter. California State Teachers Retirement System now owns 48,580 shares of the bank’s stock valued at $2,763,000 after purchasing an additional 191 shares during the last quarter. Lazard Asset Management LLC increased its position in shares of Community Financial System by 1.0% in the 2nd quarter. Lazard Asset Management LLC now owns 20,468 shares of the bank’s stock valued at $1,164,000 after purchasing an additional 201 shares during the last quarter. Truist Financial Corp raised its holdings in shares of Community Financial System by 1.8% in the 4th quarter. Truist Financial Corp now owns 12,205 shares of the bank’s stock valued at $701,000 after purchasing an additional 215 shares in the last quarter. Finally, Corient Private Wealth LLC raised its holdings in shares of Community Financial System by 2.4% in the 4th quarter. Corient Private Wealth LLC now owns 10,032 shares of the bank’s stock valued at $577,000 after purchasing an additional 231 shares in the last quarter. Institutional investors and hedge funds own 73.79% of the company’s stock.

Community Financial System Stock Up 0.8%

Shares of NYSE:CBU opened at $63.51 on Friday. The company has a market capitalization of $3.34 billion, a PE ratio of 14.74 and a beta of 0.77. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.29. Community Financial System, Inc. has a twelve month low of $53.46 and a twelve month high of $71.11. The firm has a 50 day simple moving average of $65.70 and a 200-day simple moving average of $63.24.

Community Financial System (NYSE:CBU) last issued its earnings results on Tuesday, July 28th. The bank reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.02). The company had revenue of $218.45 million during the quarter, compared to analyst estimates of $221.77 million. Community Financial System had a net margin of 21.79% and a return on equity of 11.47%. The company’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.04 EPS. On average, equities analysts predict that Community Financial System, Inc. will post 4.58 EPS for the current fiscal year.

Community Financial System Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Tuesday, September 15th will be paid a $0.49 dividend. This is a boost from Community Financial System’s previous quarterly dividend of $0.47. This represents a $1.96 annualized dividend and a yield of 3.1%. The ex-dividend date is Tuesday, September 15th. Community Financial System’s payout ratio is currently 43.62%.

Insider Buying and Selling at Community Financial System

In other Community Financial System news, Director Eric Stickels sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $63.98, for a total transaction of $127,960.00. Following the transaction, the director owned 31,592 shares of the company’s stock, valued at approximately $2,021,256.16. This trade represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mark Bolus sold 12,191 shares of Community Financial System stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $67.00, for a total value of $816,797.00. Following the sale, the director owned 94,060 shares in the company, valued at $6,302,020. This trade represents a 11.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.15% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Community Financial System from a “sell” rating to a “hold” rating in a research report on Monday, August 10th. Weiss Ratings upgraded Community Financial System from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, July 2nd. Piper Sandler raised their price target on Community Financial System from $66.00 to $71.00 and gave the company a “neutral” rating in a research note on Monday, August 3rd. Finally, Keefe, Bruyette & Woods decreased their price target on Community Financial System from $70.00 to $68.00 and set a “market perform” rating for the company in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Community Financial System currently has an average rating of “Moderate Buy” and an average price target of $71.50.

About Community Financial System

Community Financial System (NYSE: CBU) is the bank holding company for Community Bank, National Association, a full-service commercial bank headquartered in DeWitt, New York. Through its principal subsidiary, the company offers a range of banking and financial services designed to meet the needs of both consumer and business clients. Its organizational structure centers on community-based banking operations supported by centralized technology, risk management and administrative functions.

The company’s product offerings include deposit accounts, residential and commercial mortgage loans, commercial and consumer lending, treasury and cash management services, and electronic banking.