Corient Private Wealth LP Buys Shares of 20,973 Community Financial System, Inc. $CBU

Key Points

• Corient Private Wealth initiated a position in Community Financial System by purchasing 20,973 shares worth approximately $1.4 million. Institutional investors collectively own 73.79% of the company.
• Community Financial System reported quarterly revenue growth of 12% year over year, but its $1.16 EPS and $218.45 million revenue fell slightly short of analyst expectations.
• 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 with a $71.50 price target.

Corient Private Wealth LP bought a new position in Community Financial System, Inc. (NYSE:CBU - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 20,973 shares of the bank's stock, valued at approximately $1,408,000.

Several other institutional investors have also modified their holdings of the stock. IFP Advisors Inc grew its holdings in shares of Community Financial System by 507.0% in the fourth quarter. IFP Advisors Inc now owns 522 shares of the bank's stock valued at $30,000 after purchasing an additional 436 shares during the period. GAMMA Investing LLC raised its stake in Community Financial System by 38.4% during the second quarter. GAMMA Investing LLC now owns 541 shares of the bank's stock worth $36,000 after purchasing an additional 150 shares during the period. EverSource Wealth Advisors LLC raised its stake in Community Financial System by 177.0% during the second quarter. EverSource Wealth Advisors LLC now owns 781 shares of the bank's stock worth $44,000 after purchasing an additional 499 shares during the period. Strs Ohio acquired a new position in Community Financial System in the 1st quarter valued at about $102,000. Finally, Manning & Napier Advisors LLC acquired a new position in Community Financial System in the 2nd quarter valued at about $116,000. Hedge funds and other institutional investors own 73.79% of the company's stock.

Community Financial System Stock Up 0.8%

Shares of CBU opened at $63.51 on Friday. The company's 50-day moving average price is $65.70 and its 200 day moving average price is $63.24. Community Financial System, Inc. has a 12-month low of $53.46 and a 12-month high of $71.11. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.29. The firm has a market cap of $3.34 billion, a P/E ratio of 14.74 and a beta of 0.77.

Community Financial System (NYSE:CBU - Get Free Report) last announced its earnings results on Tuesday, July 28th. The bank reported $1.16 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $221.77 million. During the same period last year, the business earned $1.04 EPS. The company's quarterly revenue was up 12.0% compared to the same quarter last year. On average, sell-side analysts forecast that Community Financial System, Inc. will post 4.58 earnings per share for the current year.

Community Financial System Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Tuesday, September 15th will be issued a $0.49 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.96 annualized dividend and a dividend yield of 3.1%. This is an increase 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 Analyst Weigh In

A number of analysts have recently issued reports on CBU shares. Weiss Ratings upgraded shares of Community Financial System from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, July 2nd. Wall Street Zen raised shares of Community Financial System from a "sell" rating to a "hold" rating in a research report on Monday, August 10th. Keefe, Bruyette & Woods decreased their price objective on Community Financial System from $70.00 to $68.00 and set a "market perform" rating on the stock in a report on Thursday, July 30th. Finally, Piper Sandler increased their price objective on Community Financial System from $66.00 to $71.00 and gave the stock a "neutral" rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $71.50.

Insider Buying and Selling

In other news, Director Brenda M. Hall purchased 476 shares of the firm's stock in a transaction on Monday, August 24th. The shares were bought at an average cost of $63.59 per share, for a total transaction of $30,268.84. Following the completion of the purchase, the director directly owned 515 shares of the company's stock, valued at approximately $32,748.85. This trade represents a 1,220.51% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Eric Stickels sold 2,000 shares of the company's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $63.98, for a total value of $127,960.00. Following the transaction, the director owned 31,592 shares in the company, valued at $2,021,256.16. This trade represents a 5.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.15% of the stock is currently owned by corporate insiders.

About Community Financial System

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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