Community Bank N.A. Sells 8,785 Shares of Community Financial System, Inc. $CBU

Community Bank N.A. reduced its position in shares of Community Financial System, Inc. (NYSE:CBU) by 8.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 91,527 shares of the bank’s stock after selling 8,785 shares during the period. Community Bank N.A. owned about 0.17% of Community Financial System worth $6,143,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Nykredit A S bought a new stake in Community Financial System in the 2nd quarter valued at approximately $38,000. Corient Private Wealth LP boosted its position in Community Financial System by 11.2% during the 2nd quarter. Corient Private Wealth LP now owns 21,965 shares of the bank’s stock worth $1,474,000 after acquiring an additional 2,205 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Community Financial System during the 2nd quarter worth approximately $235,000. California State Teachers Retirement System grew its stake in shares of Community Financial System by 7,119.4% during the 2nd quarter. California State Teachers Retirement System now owns 4,100,965 shares of the bank’s stock worth $275,257,000 after acquiring an additional 4,044,160 shares in the last quarter. Finally, AXQ Capital LP acquired a new stake in shares of Community Financial System in the second quarter valued at approximately $216,000. 73.79% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Brenda M. Hall bought 476 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was acquired at an average cost of $63.59 per share, for a total transaction of $30,268.84. Following the purchase, the director owned 515 shares of the company’s stock, valued at approximately $32,748.85. This trade represents a 1,220.51% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mark Bolus sold 12,191 shares of Community Financial System stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $67.00, for a total value of $816,797.00. Following the transaction, the director owned 94,060 shares of the company’s stock, valued at $6,302,020. The trade was a 11.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CBU. Piper Sandler increased their target price on shares of Community Financial System from $66.00 to $71.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. Weiss Ratings upgraded shares of Community Financial System from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, July 2nd. Wall Street Zen raised shares of Community Financial System from a “sell” rating to a “hold” rating in a research report on Monday, August 10th. Finally, Keefe, Bruyette & Woods reduced 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 research note on Thursday, July 30th. One research 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 MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $71.50.

Community Financial System Trading Down 0.9%

Shares of Community Financial System stock opened at $63.28 on Wednesday. Community Financial System, Inc. has a 12-month low of $53.46 and a 12-month high of $71.11. The stock has a market cap of $3.33 billion, a P/E ratio of 14.68 and a beta of 0.77. 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 business’s 50 day moving average is $65.50 and its 200-day moving average is $63.20.

Community Financial System (NYSE:CBU) last posted its quarterly earnings results on Tuesday, July 28th. The bank reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.02). The firm had revenue of $218.45 million for the quarter, compared to the consensus estimate of $221.77 million. Community Financial System had a return on equity of 11.47% and a net margin of 21.79%.The business’s revenue was up 12.0% compared to the same quarter last year. During the same period last year, the company posted $1.04 earnings per share. Equities research analysts predict that Community Financial System, Inc. will post 4.58 earnings per share for the current fiscal year.

Community Financial System Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Tuesday, September 15th will be issued a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 15th. This is a positive change from Community Financial System’s previous quarterly dividend of $0.47. Community Financial System’s payout ratio is currently 43.62%.

Community Financial System Company 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.