Berkshire Asset Management LLC PA Sells 30,535 Shares of Community Financial System, Inc. $CBU

Berkshire Asset Management LLC PA lessened its holdings in Community Financial System, Inc. (NYSE:CBU) by 57.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 22,251 shares of the bank’s stock after selling 30,535 shares during the quarter. Berkshire Asset Management LLC PA’s holdings in Community Financial System were worth $1,278,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. MML Investors Services LLC raised its stake in shares of Community Financial System by 1.4% in the fourth quarter. MML Investors Services LLC now owns 20,378 shares of the bank’s stock worth $1,171,000 after purchasing an additional 291 shares during the last quarter. Landscape Capital Management L.L.C. purchased a new position in shares of Community Financial System in the fourth quarter worth about $207,000. Barclays PLC raised its stake in shares of Community Financial System by 20.5% in the fourth quarter. Barclays PLC now owns 93,642 shares of the bank’s stock worth $5,379,000 after purchasing an additional 15,942 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Community Financial System in the fourth quarter worth about $155,000. Finally, Stifel Financial Corp raised its stake in shares of Community Financial System by 1.0% in the fourth quarter. Stifel Financial Corp now owns 49,971 shares of the bank’s stock worth $2,870,000 after purchasing an additional 507 shares during the last quarter. Institutional investors and hedge funds own 73.79% of the company’s stock.

Community Financial System Stock Down 2.1%

Shares of CBU stock opened at $63.13 on Wednesday. The stock has a 50 day moving average of $63.04 and a 200 day moving average of $61.46. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.22. The stock has a market cap of $3.32 billion, a P/E ratio of 15.32 and a beta of 0.78. Community Financial System, Inc. has a twelve month low of $51.12 and a twelve month high of $67.50.

Community Financial System (NYSE:CBU) last announced its quarterly earnings results on Wednesday, April 29th. The bank reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.05. The company 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%.Community Financial System’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the business earned $0.98 earnings per share. As a group, sell-side analysts expect that Community Financial System, Inc. will post 4.74 EPS for the current year.

Community Financial System Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Monday, June 15th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.0%. The ex-dividend date is Monday, June 15th. Community Financial System’s dividend payout ratio (DPR) is currently 45.63%.

Insiders Place Their Bets

In related news, 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 completion of the transaction, the director directly owned 31,592 shares in the company, valued at approximately $2,021,256.16. This trade represents a 5.95% 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 this hyperlink. Corporate insiders own 1.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Piper Sandler raised their price objective on Community Financial System from $62.00 to $66.00 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. DA Davidson assumed coverage on Community Financial System in a research note on Wednesday, February 25th. They issued a “neutral” rating and a $72.00 price objective for the company. Raymond James Financial restated a “strong-buy” rating and issued a $75.00 price objective on shares of Community Financial System in a research note on Thursday, April 30th. Wall Street Zen upgraded Community Financial System from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Finally, Weiss Ratings upgraded Community Financial System from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Community Financial System presently has a consensus rating of “Moderate Buy” and an average price target of $69.75.

Community Financial System 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.