Community Financial System (NYSE:CBU) Reaches New 52-Week High – What’s Next?

Community Financial System, Inc. (NYSE:CBU) hit a new 52-week high on Wednesday . The company traded as high as $68.77 and last traded at $68.5960, with a volume of 53838 shares. The stock had previously closed at $67.12.

Analyst Ratings Changes

CBU has been the topic of a number of analyst reports. Wall Street Zen upgraded Community Financial System from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Weiss Ratings cut Community Financial System from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 17th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $75.00 price objective on shares of Community Financial System in a report on Thursday, April 30th. Finally, Piper Sandler upped their target price on Community Financial System from $62.00 to $66.00 and gave the company a “neutral” rating in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Community Financial System presently has a consensus rating of “Moderate Buy” and an average price target of $69.75.

Community Financial System Price Performance

The business’s 50 day moving average is $63.66 and its 200-day moving average is $61.92. The firm has a market capitalization of $3.59 billion, a P/E ratio of 16.60 and a beta of 0.78. 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 (NYSE:CBU) last released its earnings results 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 firm 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%.The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.98 earnings per share. As a group, sell-side analysts predict that Community Financial System, Inc. will post 4.74 EPS for the current fiscal year.

Community Financial System Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Monday, June 15th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.88 annualized dividend and a yield of 2.7%. Community Financial System’s dividend payout ratio (DPR) is 45.63%.

Insider Transactions at Community Financial System

In other Community Financial System news, Director Mark J. Bolus sold 12,191 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $67.00, for a total transaction of $816,797.00. Following the completion of the transaction, the director owned 94,060 shares of the company’s stock, valued at approximately $6,302,020. The trade was a 11.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric Stickels sold 2,000 shares of Community Financial System stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $63.98, for a total transaction of $127,960.00. Following the sale, the director owned 31,592 shares in the company, valued at approximately $2,021,256.16. This represents a 5.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.15% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Community Financial System in the 4th quarter valued at about $38,993,000. Bank of America Corp DE increased 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 period. Riggs Asset Managment Co. Inc. raised its position in Community Financial System by 740.1% during the 4th 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 in the last quarter. Basswood Capital Management L.L.C. purchased a new stake in shares of Community Financial System in the 2nd quarter worth $15,185,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Community Financial System by 10,989.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 200,049 shares of the bank’s stock worth $11,491,000 after buying an additional 198,245 shares in the last quarter. Hedge funds and other institutional investors own 73.79% of the company’s stock.

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.