260,075 Shares in Community Financial System, Inc. $CBU Purchased by NFJ Investment Group LLC

Key Points

• NFJ Investment Group purchased 260,075 shares of Community Financial System, worth approximately $17.5 million and representing a 0.49% stake. Institutional investors collectively own 73.79% of the company.
• Community Financial System’s latest quarter fell slightly short of expectations, with EPS of $1.16 versus $1.18 expected and revenue of $218.45 million versus $221.77 million estimated; however, revenue increased 12% year over year.
• The company raised its quarterly dividend from $0.47 to $0.49 per share, equating to a $1.96 annualized payout and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $71.50.

NFJ Investment Group LLC bought a new stake in shares of Community Financial System, Inc. (NYSE:CBU - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 260,075 shares of the bank's stock, valued at approximately $17,456,000. NFJ Investment Group LLC owned 0.49% of Community Financial System as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Community Financial System during the second quarter worth approximately $507,210,000. Deutsche Bank AG acquired a new stake in shares of Community Financial System in the second quarter worth $3,796,000. Trust Co. of Vermont acquired a new stake in shares of Community Financial System in the second quarter worth $718,000. Bank of New York Mellon Corp bought a new position in Community Financial System during the second quarter worth $36,523,000. Finally, GSA Capital Partners LLP bought a new position in Community Financial System during the second quarter worth $300,000. Institutional investors and hedge funds own 73.79% of the company's stock.

Community Financial System Price Performance

NYSE:CBU opened at $63.12 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.77 and a current ratio of 0.77. The company has a 50-day moving average of $65.93 and a 200-day moving average of $63.43. Community Financial System, Inc. has a 52 week low of $53.46 and a 52 week high of $71.11. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 14.65 and a beta of 0.78.

Community Financial System (NYSE:CBU - Get Free Report) 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 business had revenue of $218.45 million during the quarter, compared to analyst estimates 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 for the quarter was up 12.0% on a year-over-year basis. During the same period last year, the company earned $1.04 EPS. As a group, equities research analysts anticipate that Community Financial System, Inc. will post 4.6 earnings per share for the current fiscal year.

Community Financial System Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.49 per share. This is an increase from Community Financial System's previous quarterly dividend of $0.47. This represents a $1.96 annualized dividend and a yield of 3.1%. The ex-dividend date is Tuesday, September 15th. Community Financial System's dividend payout ratio is currently 43.62%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CBU. Piper Sandler increased their price target on shares of Community Financial System from $66.00 to $71.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. 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. Raymond James Financial reissued a "strong-buy" rating and set a $75.00 target price on shares of Community Financial System in a research report on Thursday, April 30th. Weiss Ratings upgraded Community Financial System from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 2nd. Finally, Keefe, Bruyette & Woods cut their price target on 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. One equities 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 company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $71.50.

Insider Buying and Selling at Community Financial System

In other news, Director Mark J. Bolus sold 12,191 shares of the company's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $67.00, for a total value of $816,797.00. Following the sale, the director owned 94,060 shares of the company's stock, valued at approximately $6,302,020. This represents a 11.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric Stickels sold 2,000 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $63.98, for a total transaction of $127,960.00. Following the sale, the director owned 31,592 shares of the company's stock, valued at $2,021,256.16. This trade represents a 5.95% 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 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.

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