Deutsche Bank AG Sells 20,776 Shares of Community Financial System, Inc. $CBU

Key Points

• Deutsche Bank AG has reduced its stake in Community Financial System, Inc. by 33% in the first quarter, now holding a position worth $2.4 million, representing about 0.08% of the company's shares.
• The company reported quarterly earnings of $0.97 per share, missing the consensus estimate of $1.03, with revenue of $199.3 million against expectations of $201.93 million.
• Community Financial System announced an increase in its quarterly dividend to $0.47 per share, resulting in a yield of 3.3%, reflecting a payout ratio of 51.23%.

Deutsche Bank AG lowered its position in shares of Community Financial System, Inc. (NYSE:CBU - Free Report) by 33.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,251 shares of the bank's stock after selling 20,776 shares during the quarter. Deutsche Bank AG owned 0.08% of Community Financial System worth $2,402,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Federated Hermes Inc. raised its holdings in shares of Community Financial System by 0.4% during the first quarter. Federated Hermes Inc. now owns 834,490 shares of the bank's stock valued at $47,449,000 after acquiring an additional 3,103 shares during the period. Northern Trust Corp raised its holdings 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 valued at $41,809,000 after acquiring an additional 145,172 shares during the period. Deprince Race & Zollo Inc. acquired a new stake in shares of Community Financial System during the fourth quarter valued at approximately $32,368,000. Principal Financial Group Inc. raised its holdings in shares of Community Financial System by 2.9% during the first quarter. Principal Financial Group Inc. now owns 262,245 shares of the bank's stock valued at $14,911,000 after acquiring an additional 7,376 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Community Financial System by 4.6% during the fourth quarter. Invesco Ltd. now owns 188,507 shares of the bank's stock valued at $11,627,000 after acquiring an additional 8,218 shares during the period. Institutional investors and hedge funds own 73.79% of the company's stock.

Community Financial System Stock Up 0.6%

Community Financial System stock traded up $0.34 during trading hours on Tuesday, hitting $61.03. The company had a trading volume of 245,331 shares, compared to its average volume of 334,034. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a market capitalization of $3.23 billion, a P/E ratio of 16.63 and a beta of 0.80. Community Financial System, Inc. has a fifty-two week low of $49.44 and a fifty-two week high of $73.39. The firm's fifty day moving average is $56.66 and its 200-day moving average is $57.14.

Community Financial System (NYSE:CBU - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The bank reported $0.97 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.06). The business had revenue of $199.30 million during the quarter, compared to the consensus estimate of $201.93 million. Community Financial System had a return on equity of 10.71% and a net margin of 19.91%.The business's revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 earnings per share. 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 announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Friday, September 12th will be given a $0.47 dividend. This is a positive change from Community Financial System's previous quarterly dividend of $0.46. This represents a $1.88 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Friday, September 12th. Community Financial System's payout ratio is presently 50.14%.

Analyst Upgrades and Downgrades

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