ProShare Advisors LLC Buys 146,101 Shares of Community Financial System, Inc. $CBU

ProShare Advisors LLC lifted its stake in shares of Community Financial System, Inc. (NYSE:CBU) by 1,915.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 153,729 shares of the bank’s stock after buying an additional 146,101 shares during the quarter. ProShare Advisors LLC owned 0.29% of Community Financial System worth $9,153,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC boosted its holdings in Community Financial System by 38.4% in the 2nd quarter. GAMMA Investing LLC now owns 541 shares of the bank’s stock worth $36,000 after acquiring an additional 150 shares during the period. Nykredit A S acquired a new stake in Community Financial System in the second quarter valued at approximately $38,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Community Financial System during the second quarter valued at approximately $44,000. Versant Capital Management Inc raised its stake in shares of Community Financial System by 69.6% during the third quarter. Versant Capital Management Inc now owns 875 shares of the bank’s stock valued at $52,000 after purchasing an additional 359 shares during the period. Finally, Eastern Bank purchased a new stake in shares of Community Financial System during the third quarter valued at approximately $71,000. 73.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CBU shares. Piper Sandler reduced their target price on shares of Community Financial System from $71.00 to $65.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 6th. Keefe, Bruyette & Woods lowered their price target on shares of Community Financial System from $70.00 to $68.00 and set a “market perform” rating for the company in a report on Thursday, July 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Community Financial System in a research note on Tuesday, September 29th. Wall Street Zen raised shares of Community Financial System from a “sell” rating to a “hold” rating in a research note on Monday, August 10th. Finally, DA Davidson cut their price objective on shares of Community Financial System from $70.00 to $69.00 and set a “neutral” rating on the stock in a report on Monday, October 12th. One 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 company’s stock. According to MarketBeat.com, Community Financial System presently has a consensus rating of “Moderate Buy” and an average target price of $69.25.

Community Financial System Price Performance

Shares of NYSE CBU opened at $63.87 on Wednesday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.21. Community Financial System, Inc. has a fifty-two week low of $53.46 and a fifty-two week high of $71.11. The business has a 50 day moving average price of $61.58 and a two-hundred day moving average price of $62.89. The firm has a market cap of $3.36 billion, a PE ratio of 14.23 and a beta of 0.75.

Community Financial System (NYSE:CBU) last announced its earnings results on Tuesday, October 27th. The bank reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.08. The company had revenue of $230.21 million for the quarter, compared to analyst estimates of $227.15 million. Community Financial System had a return on equity of 11.78% and a net margin of 22.05%. Community Financial System’s quarterly revenue was up 9.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.09 EPS. Sell-side analysts expect that Community Financial System, Inc. will post 4.60 earnings per share for the current fiscal year.

Community Financial System Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 11th. Investors of record on Tuesday, December 15th will be paid 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 is Tuesday, December 15th. Community Financial System’s payout ratio is 44.24%.

Insider Activity

In related news, Director Brenda M. Hall purchased 476 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were purchased at an average cost of $63.59 per share, with a total value of $30,268.84. Following the completion of the acquisition, the director directly owned 515 shares of the company’s stock, valued at approximately $32,748.85. The trade was a 1,220.51% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.15% of the company’s stock.

About Community Financial System

Community Financial System, Inc (NYSE: CBU) is a diversified financial services company headquartered in DeWitt, New York. Formerly known as Community Bank System, Inc, the company traces its banking history to 1866 and operates through Community Bank, N.A., along with other financial services businesses.

Its banking operations provide consumer and commercial deposit accounts, residential and commercial lending, agricultural financing, municipal banking, cash management, and other financial products.