Community Financial System, Inc. $CBU Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its position in shares of Community Financial System, Inc. (NYSE:CBU) by 1.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 530,902 shares of the bank’s stock after selling 10,526 shares during the quarter. Bank of New York Mellon Corp’s holdings in Community Financial System were worth $31,137,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its stake in Community Financial System by 2,430.6% in the fourth quarter. SG Americas Securities LLC now owns 168,892 shares of the bank’s stock valued at $9,701,000 after acquiring an additional 162,218 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Community Financial System by 10,989.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 200,049 shares of the bank’s stock valued at $11,491,000 after purchasing an additional 198,245 shares during the period. Alliance Wealth Advisors LLC boosted its position in Community Financial System by 95.1% during the 4th quarter. Alliance Wealth Advisors LLC now owns 20,825 shares of the bank’s stock valued at $1,196,000 after purchasing an additional 10,150 shares during the period. Riggs Asset Managment Co. Inc. grew its stake in Community Financial System by 740.1% during 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 last quarter. Finally, Deprince Race & Zollo Inc. grew its stake in Community Financial System by 11.1% during the 1st quarter. Deprince Race & Zollo Inc. now owns 530,874 shares of the bank’s stock worth $31,136,000 after buying an additional 53,191 shares during the last quarter. Institutional investors own 73.79% of the company’s stock.

Community Financial System Stock Performance

NYSE:CBU opened at $67.09 on Monday. Community Financial System, Inc. has a twelve month low of $51.12 and a twelve month high of $71.11. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 16.29 and a beta of 0.77. The company has a 50-day moving average of $65.38 and a 200-day moving average of $62.98. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.22.

Community Financial System (NYSE:CBU) last issued its earnings results on Wednesday, April 29th. The bank reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.05. The firm had revenue of $213.69 million during the quarter, compared to analysts’ expectations of $216.36 million. Community Financial System had a net margin of 21.26% and a return on equity of 11.24%. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period last year, the firm posted $0.98 earnings per share. Analysts forecast that Community Financial System, Inc. will post 4.7 earnings per share for the current fiscal year.

Community Financial System Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost 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

Several brokerages recently weighed in on CBU. Raymond James Financial reiterated a “strong-buy” rating and issued a $75.00 price objective on shares of Community Financial System in a research report on Thursday, April 30th. Weiss Ratings raised Community Financial System from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 2nd. Wall Street Zen raised shares of Community Financial System from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Piper Sandler raised their target price on shares of Community Financial System from $62.00 to $66.00 and gave the company a “neutral” rating in a research note on Thursday, April 30th. One 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.com, the company has an average rating of “Moderate Buy” and an average price target of $69.75.

Insider Buying and Selling at Community Financial System

In related news, Director Eric Stickels sold 2,000 shares of Community Financial System stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $63.98, for a total value of $127,960.00. Following the transaction, the director owned 31,592 shares of the company’s stock, valued at approximately $2,021,256.16. This trade represents a 5.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mark J. 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 completion of the transaction, the director directly owned 94,060 shares in the company, valued at $6,302,020. This represents a 11.47% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.15% of the company’s stock.

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.