Community Bank N.A. Has $6.14 Million Stock Holdings in Community Financial System, Inc. $CBU

Community Bank N.A. decreased its stake in shares of Community Financial System, Inc. (NYSE:CBU) by 8.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 91,527 shares of the bank’s stock after selling 8,785 shares during the quarter. Community Bank N.A.’s holdings in Community Financial System were worth $6,143,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. acquired a new stake in Community Financial System during the second quarter worth approximately $507,210,000. California State Teachers Retirement System grew its position in shares of Community Financial System by 7,119.4% in the second quarter. California State Teachers Retirement System now owns 4,100,965 shares of the bank’s stock valued at $275,257,000 after purchasing an additional 4,044,160 shares during the last quarter. Norges Bank bought a new position in shares of Community Financial System during the fourth quarter worth approximately $38,993,000. Bank of New York Mellon Corp bought a new position in shares of Community Financial System during the second quarter worth approximately $36,523,000. Finally, Bank of America Corp DE lifted its holdings in Community Financial System by 132.9% during the 3rd quarter. Bank of America Corp DE now owns 636,257 shares of the bank’s stock worth $37,310,000 after purchasing an additional 363,012 shares during the last quarter. Institutional investors and hedge funds own 73.79% of the company’s stock.

Community Financial System Trading Down 0.9%

Shares of CBU stock opened at $63.28 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.29. The stock has a market cap of $3.33 billion, a P/E ratio of 14.68 and a beta of 0.77. The stock has a 50 day simple moving average of $65.50 and a 200 day simple moving average of $63.20. Community Financial System, Inc. has a 1 year low of $53.46 and a 1 year high of $71.11.

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

Community Financial System Increases Dividend

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

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Community Financial System news, Director Mark J. Bolus sold 12,191 shares of the stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $67.00, for a total transaction of $816,797.00. Following the sale, the director directly owned 94,060 shares in the company, valued at $6,302,020. This represents a 11.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Brenda M. Hall bought 476 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was purchased at an average cost of $63.59 per share, for a total transaction of $30,268.84. Following the completion of the acquisition, the director owned 515 shares in the company, valued at approximately $32,748.85. This trade represents a 1,220.51% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 1.15% of the stock is currently owned by company insiders.

Community Financial System Profile

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.