Algert Global LLC Sells 11,370 Shares of Community Financial System, Inc. $CBU

Key Points

• Algert Global LLC reduced its holdings in Community Financial System, Inc. by 16.5%, owning 57,608 shares valued at approximately $3.28 million after selling 11,370 shares.
• Community Financial System announced a quarterly dividend of $0.47 per share, reflecting an annualized dividend of $1.88 and a yield of 3.3%, up from the previous quarterly dividend of $0.46.
• The company's earnings report for the last quarter showed an EPS of $0.97, missing analysts' expectations of $1.03, along with a revenue of $199.3 million, which was below the anticipated $201.93 million.

Algert Global LLC reduced its position in shares of Community Financial System, Inc. (NYSE:CBU - Free Report) by 16.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 57,608 shares of the bank's stock after selling 11,370 shares during the period. Algert Global LLC owned about 0.11% of Community Financial System worth $3,276,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in shares of Community Financial System by 2.9% in the first quarter. Principal Financial Group Inc. now owns 262,245 shares of the bank's stock worth $14,911,000 after acquiring an additional 7,376 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of Community Financial System by 7.4% in the first quarter. Teacher Retirement System of Texas now owns 26,478 shares of the bank's stock worth $1,506,000 after acquiring an additional 1,823 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Community Financial System by 11.7% in the first quarter. Envestnet Asset Management Inc. now owns 83,987 shares of the bank's stock worth $4,775,000 after acquiring an additional 8,810 shares during the period. KBC Group NV lifted its stake in shares of Community Financial System by 19.8% in the first quarter. KBC Group NV now owns 2,798 shares of the bank's stock worth $159,000 after acquiring an additional 463 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Community Financial System by 14,655.4% in the first quarter. GAMMA Investing LLC now owns 17,854 shares of the bank's stock worth $1,015,000 after acquiring an additional 17,733 shares during the period. 73.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CBU has been the topic of several recent analyst reports. Wall Street Zen lowered Community Financial System from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Keefe, Bruyette & Woods lowered their target price on Community Financial System from $69.00 to $67.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Community Financial System presently has a consensus rating of "Moderate Buy" and a consensus target price of $68.00.

Community Financial System Stock Up 0.8%

NYSE CBU traded up $0.50 on Monday, reaching $60.73. The company had a trading volume of 238,885 shares, compared to its average volume of 335,423. The stock has a market capitalization of $3.21 billion, a P/E ratio of 16.55 and a beta of 0.80. The company's fifty day moving average is $56.52 and its 200 day moving average is $57.11. Community Financial System, Inc. has a 52-week low of $49.44 and a 52-week high of $73.39. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.38.

Community Financial System (NYSE:CBU - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.97 EPS for the quarter, missing analysts' consensus estimates of $1.03 by ($0.06). The company had revenue of $199.30 million during the quarter, compared to analysts' expectations of $201.93 million. Community Financial System had a net margin of 19.91% and a return on equity of 10.71%. The company's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 earnings per share. Sell-side analysts anticipate that Community Financial System, Inc. will post 4.18 earnings per share for the current fiscal year.

Community Financial System Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Friday, September 12th will be paid a $0.47 dividend. This is a boost from Community Financial System's previous quarterly dividend of $0.46. The ex-dividend date is Friday, September 12th. This represents a $1.88 dividend on an annualized basis and a yield of 3.1%. Community Financial System's dividend payout ratio is currently 50.14%.

Community Financial System Company Profile

Community Bank System, Inc operates as the bank holding company for Community Bank, N.A. that provides various banking and other financial services to retail, commercial, institutional, and municipal customers. It operates through three segments: Banking, Employee Benefit Services, and All Other. The company offers various deposits products, such as interest and noninterest -bearing checking, savings, and money market deposit accounts, as well as time deposits.