State of Alaska Department of Revenue Sells 8,670 Shares of Community Financial System, Inc. $CBU

State of Alaska Department of Revenue lowered its holdings in Community Financial System, Inc. (NYSE:CBU) by 44.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,895 shares of the bank’s stock after selling 8,670 shares during the quarter. State of Alaska Department of Revenue’s holdings in Community Financial System were worth $648,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Farther Finance Advisors LLC grew its stake in shares of Community Financial System by 17.3% during the third quarter. Farther Finance Advisors LLC now owns 3,623 shares of the bank’s stock worth $216,000 after purchasing an additional 535 shares during the period. Moody National Bank Trust Division boosted its stake in Community Financial System by 8.2% in the 3rd quarter. Moody National Bank Trust Division now owns 22,224 shares of the bank’s stock worth $1,323,000 after purchasing an additional 1,677 shares during the period. Eastern Bank bought a new position in shares of Community Financial System during the third quarter worth about $71,000. Versant Capital Management Inc grew its stake in shares of Community Financial System by 69.6% during the 3rd quarter. Versant Capital Management Inc now owns 875 shares of the bank’s stock worth $52,000 after acquiring an additional 359 shares in the last quarter. Finally, QRG Capital Management Inc. increased its stake in Community Financial System by 12.2% in the 2nd quarter. QRG Capital Management Inc. now owns 8,678 shares of the bank’s stock valued at $582,000 after buying an additional 947 shares during the last quarter. Institutional investors and hedge funds own 73.79% of the company’s stock.

Community Financial System Stock Up 0.2%

Community Financial System stock opened at $62.49 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average price of $61.69 and a 200-day moving average price of $63.52. Community Financial System, Inc. has a twelve month low of $53.46 and a twelve month high of $71.11. The company has a market capitalization of $3.29 billion, a P/E ratio of 14.31 and a beta of 0.76.

Community Financial System (NYSE:CBU) last released its quarterly earnings data on Tuesday, July 28th. The bank reported $1.16 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.02). Community Financial System had a return on equity of 11.47% and a net margin of 21.79%. The business had revenue of $218.45 million during the quarter, compared to the consensus estimate of $221.77 million. During the same period last year, the business posted $1.04 earnings per share. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. As a group, equities analysts predict that Community Financial System, Inc. will post 4.61 EPS for the current year.

Community Financial System Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 11th. Shareholders of record on Tuesday, December 15th will be paid a $0.49 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $1.96 annualized dividend and a yield of 3.1%. Community Financial System’s dividend payout ratio is currently 45.48%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. DA Davidson reduced their price target on Community Financial System from $70.00 to $69.00 and set a “neutral” rating for the company in a report on Monday, October 12th. Weiss Ratings reiterated a “buy (b)” rating on shares of Community Financial System in a research report on Tuesday, September 29th. Piper Sandler reduced their target price on shares of Community Financial System from $71.00 to $65.00 and set a “neutral” rating on the stock in a report on Tuesday, October 6th. Keefe, Bruyette & Woods decreased 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, Wall Street Zen raised Community Financial System from a “sell” rating to a “hold” rating in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $69.25.

Insider Buying and Selling

In related news, Director Brenda M. Hall purchased 476 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were acquired at an average cost of $63.59 per share, with a total value of $30,268.84. Following the purchase, the director directly owned 515 shares of the company’s stock, valued at approximately $32,748.85. This trade represents a 1,220.51% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 1.15% of the stock is owned by insiders.

About Community Financial System

Community Financial System, Inc (NYSE: CBU) is a diversified financial services company headquartered in DeWitt, New York. Formerly known as Community Bank System, Inc, the company traces its banking history to 1866 and operates through Community Bank, N.A., along with other financial services businesses.

Its banking operations provide consumer and commercial deposit accounts, residential and commercial lending, agricultural financing, municipal banking, cash management, and other financial products.