NFJ Investment Group LLC Trims Position in Community Financial System, Inc. $CBU

NFJ Investment Group LLC lessened its stake in Community Financial System, Inc. (NYSE:CBU) by 4.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 695,820 shares of the bank’s stock after selling 30,231 shares during the quarter. Community Financial System comprises 1.4% of NFJ Investment Group LLC’s holdings, making the stock its 20th largest position. NFJ Investment Group LLC’s holdings in Community Financial System were worth $39,968,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Community Financial System in the 4th quarter worth about $38,993,000. Bank of America Corp DE increased its stake in Community Financial System by 132.9% in the 3rd quarter. Bank of America Corp DE now owns 636,257 shares of the bank’s stock worth $37,310,000 after buying an additional 363,012 shares during the period. Goldman Sachs Group Inc. increased its stake in Community Financial System by 7.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 550,613 shares of the bank’s stock worth $31,308,000 after buying an additional 40,384 shares during the period. Bank of New York Mellon Corp increased its stake in Community Financial System by 3.2% in the 4th quarter. Bank of New York Mellon Corp now owns 541,428 shares of the bank’s stock worth $31,100,000 after buying an additional 16,990 shares during the period. Finally, Riggs Asset Managment Co. Inc. increased its stake in Community Financial System by 740.1% in the 4th quarter. Riggs Asset Managment Co. Inc. now owns 401,450 shares of the bank’s stock worth $23,059,000 after buying an additional 353,663 shares during the period. Hedge funds and other institutional investors own 73.79% of the company’s stock.

Insider Transactions at Community Financial System

In other Community Financial System news, Director Eric Stickels sold 2,000 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $63.98, for a total transaction of $127,960.00. Following the transaction, the director directly owned 31,592 shares in the company, valued at $2,021,256.16. This represents a 5.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.15% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Piper Sandler raised their price target 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. Weiss Ratings raised shares of Community Financial System from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $75.00 price target on shares of Community Financial System in a research note on Thursday, April 30th. Wall Street Zen raised shares of Community Financial System from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Finally, DA Davidson started coverage on shares of Community Financial System in a report on Wednesday, February 25th. They set a “neutral” rating and a $72.00 target price on the stock. One 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $69.75.

Community Financial System Stock Up 1.0%

Shares of Community Financial System stock opened at $66.03 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.77 and a quick ratio of 0.77. Community Financial System, Inc. has a 1 year low of $51.12 and a 1 year high of $67.50. The firm’s 50-day moving average is $62.88 and its two-hundred day moving average is $61.34. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of 16.03 and a beta of 0.78.

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

Community Financial System Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.8%. The ex-dividend date is Monday, June 15th. Community Financial System’s dividend payout ratio is presently 45.63%.

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.