Bank of America Corp DE Purchases 19,433 Shares of Community Financial System, Inc. $CBU

Key Points

• Bank of America increased its Community Financial System stake by 3.4%, purchasing 19,433 shares to own 598,786 shares valued at approximately $35.1 million. Institutional investors and hedge funds collectively own 73.79% of the stock.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average target price of $71.50, versus a recent price of $65.80.
• Community Financial System raised its quarterly dividend to $0.49 per share, equivalent to an annualized $1.96 payout and a 3.0% yield. Recent quarterly earnings of $1.16 per share narrowly missed estimates, while revenue rose 12% year over year.

Bank of America Corp DE raised its position in Community Financial System, Inc. (NYSE:CBU - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 598,786 shares of the bank's stock after buying an additional 19,433 shares during the quarter. Bank of America Corp DE owned about 1.14% of Community Financial System worth $35,119,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CBU. IFP Advisors Inc lifted its stake in Community Financial System by 507.0% during the fourth quarter. IFP Advisors Inc now owns 522 shares of the bank's stock worth $30,000 after purchasing an additional 436 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of 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 buying an additional 499 shares during the last quarter. Lipe & Dalton acquired a new stake in Community Financial System in the fourth quarter valued at about $52,000. Strs Ohio bought a new position in Community Financial System in the first quarter valued at about $102,000. Finally, Kestra Advisory Services LLC bought a new position in Community Financial System in the fourth quarter valued at about $155,000. 73.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Eric Stickels sold 2,000 shares of Community Financial System 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 sale, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mark J. Bolus sold 12,191 shares of the business's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $67.00, for a total transaction of $816,797.00. Following the sale, the director owned 94,060 shares of the company's stock, valued at $6,302,020. This trade represents a 11.47% decrease in their position. The SEC filing for this sale provides additional information. 1.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CBU. Weiss Ratings upgraded shares of Community Financial System from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, July 2nd. Raymond James Financial restated a "strong-buy" rating and issued a $75.00 target price on shares of Community Financial System in a research report on Thursday, April 30th. Keefe, Bruyette & Woods decreased their target price on shares of 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 upped their price target on shares of Community Financial System from $66.00 to $71.00 and gave the stock a "neutral" rating in a report on Monday, August 3rd. Finally, Wall Street Zen upgraded Community Financial System from a "sell" rating to a "hold" rating in a research note on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.50.

Community Financial System Stock Up 0.2%

Community Financial System stock opened at $65.80 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.29. Community Financial System, Inc. has a 12-month low of $53.46 and a 12-month high of $71.11. The firm's fifty day moving average is $65.99 and its 200 day moving average is $63.36. The company has a market capitalization of $3.46 billion, a PE ratio of 15.27 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 EPS for the quarter, missing analysts' consensus estimates of $1.18 by ($0.02). Community Financial System had a return on equity of 11.47% and a net margin of 21.79%.The company had revenue of $218.45 million during the quarter, compared to analyst estimates of $221.77 million. During the same quarter in the previous year, the business posted $1.04 earnings per share. The company's revenue for the quarter was up 12.0% compared to the same quarter last year. As a group, sell-side analysts predict that Community Financial System, Inc. will post 4.6 EPS for the current fiscal year.

Community Financial System Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Tuesday, September 15th will be given a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend 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 is presently 43.62%.

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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