678,844 Shares in Community Financial System, Inc. $CBU Bought by Norges Bank

Norges Bank acquired a new position in shares of Community Financial System, Inc. (NYSE:CBU) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 678,844 shares of the bank’s stock, valued at approximately $38,993,000.

A number of other institutional investors have also recently bought and sold shares of CBU. Bank of America Corp DE grew its holdings in Community Financial System by 132.9% during the third quarter. Bank of America Corp DE now owns 636,257 shares of the bank’s stock valued at $37,310,000 after purchasing an additional 363,012 shares during the period. Riggs Asset Managment Co. Inc. grew its holdings in Community Financial System by 740.1% during the fourth quarter. Riggs Asset Managment Co. Inc. now owns 401,450 shares of the bank’s stock valued at $23,059,000 after purchasing an additional 353,663 shares during the period. Basswood Capital Management L.L.C. acquired a new position in Community Financial System during the second quarter valued at approximately $15,185,000. Northwestern Mutual Wealth Management Co. grew its holdings in Community Financial System by 10,989.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 200,049 shares of the bank’s stock valued at $11,491,000 after purchasing an additional 198,245 shares during the period. Finally, SG Americas Securities LLC grew its holdings in Community Financial System by 2,430.6% during the fourth quarter. SG Americas Securities LLC now owns 168,892 shares of the bank’s stock valued at $9,701,000 after purchasing an additional 162,218 shares during the period. Institutional investors and hedge funds own 73.79% of the company’s stock.

Community Financial System Stock Up 0.6%

Shares of CBU stock opened at $63.98 on Tuesday. The firm has a fifty day moving average of $62.31 and a 200-day moving average of $61.11. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.22. Community Financial System, Inc. has a 12-month low of $51.12 and a 12-month high of $67.50. The company has a market capitalization of $3.36 billion, a price-to-earnings ratio of 15.53 and a beta of 0.78.

Community Financial System (NYSE:CBU) last posted its quarterly earnings data on Wednesday, April 29th. The bank reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.05. The company had revenue of $213.69 million during the quarter, compared to analysts’ expectations of $216.36 million. Community Financial System had a return on equity of 11.24% and a net margin of 21.26%.Community Financial System’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.98 earnings per share. As a group, equities research analysts predict that Community Financial System, Inc. will post 4.74 earnings per share for the current fiscal year.

Community Financial System Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Monday, June 15th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, June 15th. Community Financial System’s dividend payout ratio is currently 45.63%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. DA Davidson assumed coverage on shares of Community Financial System in a report on Wednesday, February 25th. They set a “neutral” rating and a $72.00 price objective for the company. Raymond James Financial reissued a “strong-buy” rating and issued a $75.00 target price on shares of Community Financial System in a research note on Thursday, April 30th. Wall Street Zen raised Community Financial System from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Piper Sandler boosted their target price on Community Financial System from $62.00 to $66.00 and gave the company a “neutral” rating in a research note on Thursday, April 30th. Finally, Weiss Ratings raised Community Financial System from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $69.75.

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.