Community Financial System, Inc. $CBU Stock Sold by Ausbil Investment Management Ltd

Key Points

• Ausbil Investment Management cut its Community Financial System stake by 50.3% in the third quarter, selling 20,734 shares and retaining 20,454 shares valued at approximately $1.22 million. Institutional investors collectively own 73.79% of the company.
• Analyst sentiment remains cautiously positive, with the stock carrying a consensus “Moderate Buy” rating and a $70 price target, although Keefe, Bruyette & Woods and Piper Sandler recently lowered their price targets.
• Community Financial System increased its quarterly dividend to $0.49 per share, or $1.96 annually, implying a 3.3% yield. The company’s latest quarterly earnings and revenue slightly missed analyst expectations despite revenue rising 12% year over year.

Ausbil Investment Management Ltd lessened its holdings in Community Financial System, Inc. (NYSE:CBU - Free Report) by 50.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,454 shares of the bank's stock after selling 20,734 shares during the period. Ausbil Investment Management Ltd's holdings in Community Financial System were worth $1,218,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new stake in Community Financial System in the 2nd quarter valued at approximately $507,210,000. Bank of New York Mellon Corp purchased a new position in Community Financial System during the second quarter worth $36,523,000. Basswood Capital Management L.L.C. acquired a new position in shares of Community Financial System in the second quarter worth $21,547,000. NFJ Investment Group LLC acquired a new position in shares of Community Financial System in the second quarter worth $17,456,000. Finally, Bank of America Corp DE purchased a new stake in shares of Community Financial System in the second quarter valued at $16,576,000. 73.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Brenda M. Hall purchased 476 shares of the company's stock in a transaction that occurred on Monday, August 24th. The stock was purchased at an average price of $63.59 per share, with a total value of $30,268.84. Following the completion of the transaction, the director owned 515 shares of the company's stock, valued at approximately $32,748.85. This trade represents a 1,220.51% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.15% of the company's stock.

Wall Street Analyst Weigh In

CBU has been the subject of a number of recent research reports. Keefe, Bruyette & Woods dropped their price objective on Community Financial System from $70.00 to $68.00 and set a "market perform" rating for the company in a research report on Thursday, July 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of Community Financial System in a report on Tuesday, September 29th. Piper Sandler cut their price objective on shares of Community Financial System from $71.00 to $65.00 and set a "neutral" rating for the company in a research report on Tuesday. Finally, Wall Street Zen raised shares of 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.00.

Community Financial System Stock Performance

NYSE CBU opened at $59.30 on Thursday. The business's 50-day moving average price is $62.96 and its 200 day moving average price is $63.39. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.29. Community Financial System, Inc. has a twelve month low of $53.46 and a twelve month high of $71.11. The company has a market capitalization of $3.12 billion, a PE ratio of 13.76 and a beta of 0.76.

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 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 business had revenue of $218.45 million during the quarter, compared to analysts' expectations of $221.77 million. During the same quarter last year, the firm earned $1.04 EPS. The firm's quarterly revenue was up 12.0% compared to the same quarter last year. On average, research analysts predict that Community Financial System, Inc. will post 4.6 earnings per share for the current year.

Community Financial System Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Tuesday, September 15th will be issued a $0.49 dividend. The ex-dividend date is Tuesday, September 15th. This is a positive change from Community Financial System's previous quarterly dividend of $0.47. This represents a $1.96 dividend on an annualized basis and a yield of 3.3%. Community Financial System's payout ratio is presently 45.48%.

Community Financial System Company Profile

Community Financial System, Inc NYSE: CBU is a diversified financial services company headquartered in DeWitt, New York. Its principal banking subsidiary, Community Bank, N.A., provides a broad range of financial products and services to individuals, families, farmers, small businesses and commercial customers.

The company's banking operations include deposit accounts, residential and commercial lending, agricultural financing, consumer loans, cash management and other business banking services.

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