26,105 Shares in Community Financial System, Inc. $CBU Bought by Canandaigua National Bank & Trust Co.

Key Points

• Canandaigua National Bank & Trust Co. acquired 26,105 shares of Community Financial System in the second quarter, valued at approximately $1.75 million. Institutional investors collectively own 73.79% of the company.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and an average price target of $71.50, despite one recent downgrade to “sell.”
• Community Financial System reported quarterly EPS of $1.16, slightly below expectations, while revenue rose 12% year over year to $218.45 million. The company also increased its quarterly dividend to $0.49, implying a 3.0% annual yield.

Canandaigua National Bank & Trust Co. acquired a new position in shares of Community Financial System, Inc. (NYSE:CBU - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 26,105 shares of the bank's stock, valued at approximately $1,752,000.

Several other large investors have also recently bought and sold shares of the company. IFP Advisors Inc increased its stake in shares of Community Financial System by 507.0% in the fourth quarter. IFP Advisors Inc now owns 522 shares of the bank's stock valued at $30,000 after buying an additional 436 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Community Financial System by 177.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 781 shares of the bank's stock worth $44,000 after acquiring an additional 499 shares during the last quarter. Lipe & Dalton acquired a new position in Community Financial System in the 4th quarter valued at approximately $52,000. Strs Ohio acquired a new position in shares of Community Financial System during the first quarter worth $102,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of Community Financial System during the fourth quarter worth $155,000. 73.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CBU. 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. Raymond James Financial reaffirmed 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. Piper Sandler boosted their price objective on Community Financial System from $66.00 to $71.00 and gave the stock a "neutral" rating in a report on Monday. Wall Street Zen downgraded shares of Community Financial System from a "hold" rating to a "sell" rating in a research report on Sunday. Finally, Weiss Ratings raised Community Financial System from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, July 2nd. One investment 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, the company presently has an average rating of "Moderate Buy" and an average price target of $71.50.

Insider Transactions at Community Financial System

In related news, Director Eric Stickels sold 2,000 shares of the business's 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 transaction, the director owned 31,592 shares in the company, valued at $2,021,256.16. The trade was a 5.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mark J. Bolus sold 12,191 shares of the company's stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $67.00, for a total value of $816,797.00. Following the transaction, 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 SEC filing for this sale provides additional information. Insiders own 1.15% of the company's stock.

Community Financial System Price Performance

Community Financial System stock opened at $66.11 on Thursday. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of 15.34 and a beta of 0.78. The company has a quick ratio of 0.77, a current ratio of 0.76 and a debt-to-equity ratio of 0.29. The business has a 50-day simple moving average of $65.73 and a 200 day simple moving average of $63.24. Community Financial System, Inc. has a 52 week low of $52.67 and a 52 week high of $71.11.

Community Financial System (NYSE:CBU - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The bank reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.02). Community Financial System had a net margin of 21.79% and a return on equity of 11.47%. The company had revenue of $218.45 million for the quarter, compared to analysts' expectations of $221.77 million. During the same quarter last year, the business posted $1.04 EPS. The business's quarterly revenue was up 12.0% compared to the same quarter last year. On average, research analysts forecast 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. Stockholders of record on Tuesday, September 15th will be issued a $0.49 dividend. This is an increase from Community Financial System's previous quarterly dividend of $0.47. This represents a $1.96 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Tuesday, September 15th. Community Financial System's dividend payout ratio (DPR) is presently 43.62%.

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.

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