Ausbil Investment Management Ltd Acquires 18,215 Shares of Community Financial System, Inc. $CBU

Key Points

• Ausbil Investment Management increased its Community Financial System stake by 79.3% in the second quarter, adding 18,215 shares and bringing its holdings to 41,188 shares valued at approximately $2.8 million. Institutional investors collectively own 73.79% of the company.
• Community Financial System’s quarterly earnings came in slightly below expectations, with EPS of $1.16 versus the $1.18 consensus and revenue of $218.45 million versus estimates of $221.77 million. However, revenue grew 12% year over year.
• The company raised its quarterly dividend from $0.47 to $0.49 per share, implying an annualized dividend of $1.96 and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $71.50.

Ausbil Investment Management Ltd boosted its holdings in shares of Community Financial System, Inc. (NYSE:CBU - Free Report) by 79.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,188 shares of the bank's stock after buying an additional 18,215 shares during the quarter. Community Financial System makes up approximately 1.3% of Ausbil Investment Management Ltd's investment portfolio, making the stock its 28th biggest holding. Ausbil Investment Management Ltd owned about 0.08% of Community Financial System worth $2,819,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Norges Bank purchased a new stake in Community Financial System during the fourth quarter worth $38,993,000. Bank of America Corp DE raised its position in shares of Community Financial System by 132.9% in the 3rd quarter. Bank of America Corp DE now owns 636,257 shares of the bank's stock worth $37,310,000 after acquiring an additional 363,012 shares in the last quarter. Riggs Asset Managment Co. Inc. raised its position in shares of Community Financial System by 740.1% in the 4th quarter. Riggs Asset Managment Co. Inc. now owns 401,450 shares of the bank's stock worth $23,059,000 after acquiring an additional 353,663 shares in the last quarter. Basswood Capital Management L.L.C. purchased a new stake in shares of Community Financial System during the 2nd quarter worth $15,185,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of 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 worth $11,491,000 after purchasing an additional 198,245 shares during the last quarter. Institutional investors own 73.79% of the company's stock.

Insider Buying and Selling

In other Community Financial System news, Director Eric Stickels sold 2,000 shares of the firm's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $63.98, for a total value of $127,960.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Mark J. Bolus sold 12,191 shares of the firm's stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $67.00, for a total transaction of $816,797.00. Following the completion of the transaction, the director directly owned 94,060 shares of the company's stock, valued at approximately $6,302,020. This represents a 11.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.15% of the company's stock.

Community Financial System Price Performance

Shares of CBU stock opened at $64.01 on Tuesday. Community Financial System, Inc. has a fifty-two week low of $53.46 and a fifty-two week high of $71.11. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 14.85 and a beta of 0.78. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.77 and a current ratio of 0.76. The stock's 50-day simple moving average is $65.80 and its 200-day simple moving average is $63.30.

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 (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.02). The company had revenue of $218.45 million for the quarter, compared to analyst estimates of $221.77 million. Community Financial System had a net margin of 21.79% and a return on equity of 11.47%. The business's revenue was up 12.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.04 EPS. As a group, equities 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 declared 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 represents a $1.96 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Tuesday, September 15th. This is a positive change from Community Financial System's previous quarterly dividend of $0.47. Community Financial System's dividend payout ratio (DPR) is currently 43.62%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CBU shares. Keefe, Bruyette & Woods cut their target price on Community Financial System from $70.00 to $68.00 and set a "market perform" rating on the stock in a research note on Thursday, July 30th. 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 research report on Monday, August 3rd. Weiss Ratings raised shares of Community Financial System from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, July 2nd. Wall Street Zen upgraded shares of Community Financial System from a "sell" rating to a "hold" rating in a report on Monday. Finally, Raymond James Financial reaffirmed 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. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $71.50.

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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