Charles Schwab Investment Management Inc. Sells 14,594 Shares of Community Financial System, Inc. $CBU

Key Points

• Charles Schwab Investment Management Inc. has reduced its stake in Community Financial System, Inc. by 2.2%, selling 14,594 shares, and now holds approximately 1.22% of the company's total shares worth $36.77 million.
• Community Financial System reported a quarterly earnings per share (EPS) of $0.97, which was below the consensus estimate of $1.03, along with a revenue of $199.30 million.
• The company has announced an increase in its quarterly dividend to $0.47, which yields 3.3%, with the scheduled payment on October 10th for shareholders of record on September 12th.

Charles Schwab Investment Management Inc. cut its position in shares of Community Financial System, Inc. (NYSE:CBU - Free Report) by 2.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 646,723 shares of the bank's stock after selling 14,594 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.22% of Community Financial System worth $36,773,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CBU. Deprince Race & Zollo Inc. acquired a new stake in shares of Community Financial System during the fourth quarter worth $32,368,000. Northern Trust Corp increased its position in shares of Community Financial System by 27.3% during the fourth quarter. Northern Trust Corp now owns 677,841 shares of the bank's stock worth $41,809,000 after buying an additional 145,172 shares during the period. Tudor Investment Corp ET AL acquired a new stake in shares of Community Financial System during the fourth quarter worth $2,040,000. Deutsche Bank AG increased its position in shares of Community Financial System by 103.5% during the fourth quarter. Deutsche Bank AG now owns 63,027 shares of the bank's stock worth $3,888,000 after buying an additional 32,059 shares during the period. Finally, Quantedge Capital Pte Ltd acquired a new stake in shares of Community Financial System during the fourth quarter worth $1,733,000. 73.79% of the stock is currently owned by institutional investors and hedge funds.

Community Financial System Stock Up 5.4%

Shares of Community Financial System stock traded up $3.0960 during trading hours on Friday, reaching $60.2960. The company's stock had a trading volume of 301,899 shares, compared to its average volume of 335,424. Community Financial System, Inc. has a one year low of $49.44 and a one year high of $73.39. The company has a market capitalization of $3.19 billion, a P/E ratio of 16.43 and a beta of 0.80. The stock's fifty day simple moving average is $56.40 and its two-hundred day simple moving average is $57.23. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.76 and a current ratio of 0.76.

Community Financial System (NYSE:CBU - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.97 earnings per share for the quarter, missing analysts' consensus estimates of $1.03 by ($0.06). Community Financial System had a net margin of 19.91% and a return on equity of 10.71%. The business had revenue of $199.30 million during the quarter, compared to the consensus estimate of $201.93 million. During the same period last year, the business posted $0.95 earnings per share. The firm's quarterly revenue was up 8.4% on a year-over-year basis. On average, research analysts forecast that Community Financial System, Inc. will post 4.18 earnings per share for the current 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 represents a $1.88 dividend on an annualized basis and a dividend yield of 3.1%. This is a positive change from Community Financial System's previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Friday, September 12th. Community Financial System's payout ratio is 51.23%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CBU shares. Keefe, Bruyette & Woods decreased their price objective on shares of Community Financial System from $69.00 to $67.00 and set a "market perform" rating for the company in a research report on Wednesday, July 23rd. Wall Street Zen cut shares of Community Financial System from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Community Financial System has a consensus rating of "Moderate Buy" and an average price target of $68.00.

About Community Financial System

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.