Deutsche Bank AG Takes Position in Community Financial System, Inc. $CBU

Key Points

• Deutsche Bank acquired 56,551 shares of Community Financial System worth approximately $3.8 million, while institutional investors collectively own 73.79% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $71.50, despite the company slightly missing quarterly earnings and revenue estimates.
• Community Financial System increased its quarterly dividend from $0.47 to $0.49 per share, implying an annualized dividend of $1.96 and a 3.1% yield.

Deutsche Bank AG bought a new stake in shares of Community Financial System, Inc. (NYSE:CBU - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 56,551 shares of the bank's stock, valued at approximately $3,796,000. Deutsche Bank AG owned approximately 0.11% of Community Financial System as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of the company. Trust Co. of Vermont purchased a new stake in Community Financial System in the 2nd quarter worth $718,000. Bank of New York Mellon Corp purchased a new position in shares of Community Financial System in the second quarter valued at about $36,523,000. GSA Capital Partners LLP bought a new position in shares of Community Financial System in the second quarter worth about $300,000. Ausbil Investment Management Ltd grew its position in shares of Community Financial System by 79.3% during the second quarter. Ausbil Investment Management Ltd now owns 41,188 shares of the bank's stock worth $2,819,000 after purchasing an additional 18,215 shares in the last quarter. Finally, Fulton Bank N.A. raised its stake in Community Financial System by 8.5% during the 2nd quarter. Fulton Bank N.A. now owns 11,817 shares of the bank's stock valued at $793,000 after purchasing an additional 925 shares during the period. Institutional investors own 73.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wall Street Zen raised shares of Community Financial System from a "sell" rating to a "hold" rating in a report on Monday, August 10th. Keefe, Bruyette & Woods lowered their target price on shares of 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. Piper Sandler increased their price objective on shares of Community Financial System from $66.00 to $71.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Raymond James Financial restated a "strong-buy" rating and set a $75.00 price objective on shares of Community Financial System in a research report on Thursday, April 30th. Finally, Weiss Ratings raised Community Financial System from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $71.50.

Insider Transactions at Community Financial System

In other news, Director Mark J. Bolus sold 12,191 shares of the business's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $67.00, for a total value of $816,797.00. Following the sale, the director directly owned 94,060 shares in the company, valued at $6,302,020. The trade was a 11.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Eric Stickels sold 2,000 shares of the company's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $63.98, for a total transaction of $127,960.00. Following the sale, the director owned 31,592 shares in the company, valued at $2,021,256.16. This represents a 5.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.15% of the company's stock.

Community Financial System Stock Down 0.1%

NYSE CBU opened at $62.94 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.77 and a current ratio of 0.77. The company has a market capitalization of $3.31 billion, a P/E ratio of 14.60 and a beta of 0.78. Community Financial System, Inc. has a one year low of $53.46 and a one year high of $71.11. The stock has a 50 day moving average price of $65.85 and a 200-day moving average price of $63.40.

Community Financial System (NYSE:CBU - Get Free Report) last announced its quarterly 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). The business had revenue of $218.45 million during the quarter, compared to the consensus estimate of $221.77 million. Community Financial System had a return on equity of 11.47% and a net margin of 21.79%.The company's revenue for the quarter was up 12.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.04 EPS. As a group, equities analysts predict that Community Financial System, Inc. will post 4.58 EPS for the current fiscal year.

Community Financial System Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Tuesday, September 15th will be paid a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 15th. This is an increase from Community Financial System's previous quarterly dividend of $0.47. Community Financial System's dividend payout ratio is 43.62%.

Community Financial System Profile

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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