Community Financial System, Inc. (NYSE:CBU) Position Increased by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel increased its stake in Community Financial System by 10.5%, owning about 0.12% of the company after acquiring an additional 5,818 shares.
• Community Financial System plans to pay a $0.47 quarterly dividend on October 10th, marking an increase from the previous dividend of $0.46 and representing a 3.46% yield.
• The bank reported earnings of $0.97 per share, missing estimates, but showed an 8.4% year-over-year revenue growth with a net margin of 19.91%.

Carnegie Investment Counsel increased its holdings in Community Financial System, Inc. (NYSE:CBU - Free Report) by 10.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,263 shares of the bank's stock after buying an additional 5,818 shares during the quarter. Carnegie Investment Counsel owned about 0.12% of Community Financial System worth $3,483,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CBU. Norges Bank bought a new position in Community Financial System during the 4th quarter valued at $34,779,000. Deprince Race & Zollo Inc. bought a new position in Community Financial System during the 4th quarter valued at $32,368,000. JPMorgan Chase & Co. lifted its position in shares of Community Financial System by 210.0% during the 4th quarter. JPMorgan Chase & Co. now owns 348,405 shares of the bank's stock valued at $21,490,000 after acquiring an additional 236,028 shares during the last quarter. Northern Trust Corp lifted its position in shares of Community Financial System by 27.3% during the 4th quarter. Northern Trust Corp now owns 677,841 shares of the bank's stock valued at $41,809,000 after acquiring an additional 145,172 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position in shares of Community Financial System by 12.9% during the 4th quarter. Federated Hermes Inc. now owns 831,387 shares of the bank's stock valued at $51,280,000 after acquiring an additional 94,850 shares during the last quarter. 73.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Keefe, Bruyette & Woods cut their price objective on 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 upgraded Community Financial System from a "sell" rating to a "hold" rating in a research report on Friday, May 16th.

Community Financial System Stock Down 0.1%

Shares of CBU traded down $0.05 during mid-day trading on Monday, reaching $54.24. The company's stock had a trading volume of 47,124 shares, compared to its average volume of 226,288. The business has a fifty day moving average of $56.81 and a 200 day moving average of $58.39. The company has a market cap of $2.87 billion, a price-to-earnings ratio of 14.78 and a beta of 0.78. Community Financial System, Inc. has a 1 year low of $49.44 and a 1 year 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 earnings results on Tuesday, July 22nd. The bank reported $0.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.03 by ($0.06). The business 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%. Community Financial System's revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.95 EPS. As a group, analysts forecast 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 announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 12th will be issued a $0.47 dividend. The ex-dividend date is Friday, September 12th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.47%. This is a positive change from Community Financial System's previous quarterly dividend of $0.46. Community Financial System's dividend payout ratio is presently 50.14%.

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.