Community Financial System, Inc. $CBU Stock: ProShare Advisors LLC Boosts Holdings

ProShare Advisors LLC increased its position in Community Financial System, Inc. (NYSE:CBU) by 1,915.3% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 153,729 shares of the bank’s stock after purchasing an additional 146,101 shares during the period. ProShare Advisors LLC’s holdings in Community Financial System were worth $9,153,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CBU. BlackRock Inc. acquired a new stake in Community Financial System during the second quarter valued at approximately $507,210,000. Dimensional Fund Advisors LP lifted its holdings in Community Financial System by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,818,395 shares of the bank’s stock worth $106,647,000 after buying an additional 20,428 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Community Financial System in the 2nd quarter worth approximately $36,523,000. Bank of America Corp DE grew its position in shares of Community Financial System by 3.4% in the 1st quarter. Bank of America Corp DE now owns 598,786 shares of the bank’s stock worth $35,119,000 after acquiring an additional 19,433 shares in the last quarter. Finally, Basswood Capital Management L.L.C. acquired a new position in shares of Community Financial System in the 2nd quarter worth approximately $21,547,000. 73.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Community Financial System Price Performance

Shares of NYSE:CBU opened at $63.87 on Wednesday. The company has a market cap of $3.36 billion, a PE ratio of 14.23 and a beta of 0.75. Community Financial System, Inc. has a fifty-two week low of $53.46 and a fifty-two week high of $71.11. The firm has a 50-day simple moving average of $61.58 and a 200 day simple moving average of $62.89. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.21.

Community Financial System (NYSE:CBU) last issued its earnings results on Tuesday, October 27th. The bank reported $1.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.08. Community Financial System had a net margin of 22.05% and a return on equity of 11.78%. The firm had revenue of $230.21 million for the quarter, compared to analysts’ expectations of $227.15 million. During the same quarter last year, the company posted $1.09 earnings per share. Community Financial System’s revenue was up 9.8% on a year-over-year basis. On average, sell-side analysts anticipate that Community Financial System, Inc. will post 4.60 EPS for the current year.

Community Financial System Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, January 11th. Stockholders of record on Tuesday, December 15th will be issued a dividend of $0.49 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $1.96 annualized dividend and a dividend yield of 3.1%. Community Financial System’s dividend payout ratio is 44.24%.

Insider Buying and Selling at Community Financial System

In related news, Director Brenda M. Hall purchased 476 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were acquired at an average cost of $63.59 per share, for a total transaction of $30,268.84. Following the transaction, the director owned 515 shares of the company’s stock, valued at $32,748.85. This trade represents a 1,220.51% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.15% of the company’s stock.

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.