Community Financial System (NYSE:CBU) Announces Earnings Results

Community Financial System (NYSE:CBU) released its earnings results on Tuesday. The bank reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.04, Zacks reports. Community Financial System had a return on equity of 11.24% and a net margin of 21.26%.

Community Financial System Stock Performance

Shares of NYSE:CBU opened at $66.65 on Tuesday. The firm has a 50 day moving average of $65.46 and a 200 day moving average of $63.03. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of 16.18 and a beta of 0.77. Community Financial System has a 52 week low of $51.12 and a 52 week high of $71.11.

Community Financial System Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Tuesday, September 15th will be paid a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 2.9%. This is a positive change from Community Financial System’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Tuesday, September 15th. Community Financial System’s payout ratio is presently 45.63%.

Analysts Set New Price Targets

A number of research analysts have recently commented on CBU shares. Raymond James Financial restated a “strong-buy” rating and issued a $75.00 price target on shares of Community Financial System in a report on Thursday, April 30th. Wall Street Zen upgraded shares of Community Financial System from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings raised shares of Community Financial System from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 2nd. Finally, Piper Sandler upped their target price on shares of Community Financial System from $62.00 to $66.00 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $69.75.

Insider Buying and Selling at Community Financial System

In other news, Director Eric Stickels sold 2,000 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $63.98, for a total value of $127,960.00. Following the completion of the transaction, the director directly owned 31,592 shares of the company’s stock, valued at approximately $2,021,256.16. The trade was a 5.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mark J. Bolus sold 12,191 shares of the company’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $67.00, for a total value of $816,797.00. Following the sale, the director owned 94,060 shares of the company’s stock, valued at $6,302,020. This trade represents a 11.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Community Financial System

A number of large investors have recently added to or reduced their stakes in CBU. EverSource Wealth Advisors LLC lifted its position in shares of Community Financial System by 177.0% during the second quarter. EverSource Wealth Advisors LLC now owns 781 shares of the bank’s stock valued at $44,000 after buying an additional 499 shares during the last quarter. Strs Ohio purchased a new position in shares of Community Financial System in the 1st quarter worth approximately $102,000. Kestra Advisory Services LLC purchased a new position in shares of Community Financial System in the 4th quarter worth approximately $155,000. Cibc World Markets Corp bought a new position in shares of Community Financial System during the 4th quarter worth approximately $201,000. Finally, CIBC Asset Management Inc bought a new position in shares of Community Financial System during the 4th quarter worth approximately $203,000. 73.79% of the stock is currently owned by institutional investors.

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.