Jacobi Capital Management LLC Sells 24,467 Shares of Community Financial System, Inc. $CBU

Key Points

• Jacobi Capital Management LLC reduced its stake in Community Financial System by 23.4%, selling 24,467 shares and owning approximately $4.56 million worth of stock following the sale.
• Community Financial System will pay an increased quarterly dividend of $0.47 per share, representing a dividend yield of 3.2%.
• The company's stock reported a Q2 earnings miss with $0.97 EPS, falling short of the anticipated $1.03 EPS.

Jacobi Capital Management LLC lowered its position in Community Financial System, Inc. (NYSE:CBU - Free Report) by 23.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 80,150 shares of the bank's stock after selling 24,467 shares during the quarter. Jacobi Capital Management LLC owned approximately 0.15% of Community Financial System worth $4,557,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Rise Advisors LLC grew its stake in Community Financial System by 48.8% in the first quarter. Rise Advisors LLC now owns 698 shares of the bank's stock worth $40,000 after purchasing an additional 229 shares in the last quarter. KBC Group NV grew its stake in Community Financial System by 19.8% in the first quarter. KBC Group NV now owns 2,798 shares of the bank's stock worth $159,000 after purchasing an additional 463 shares in the last quarter. Mackenzie Financial Corp bought a new position in Community Financial System in the fourth quarter worth approximately $204,000. MQS Management LLC bought a new position in Community Financial System in the first quarter worth approximately $205,000. Finally, Stone House Investment Management LLC bought a new position in Community Financial System in the first quarter worth approximately $205,000. Institutional investors own 73.79% of the company's stock.

Insider Activity at Community Financial System

In other news, SVP Jeffrey M. Levy sold 1,440 shares of the stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $61.38, for a total transaction of $88,387.20. Following the completion of the sale, the senior vice president owned 6,657 shares in the company, valued at approximately $408,606.66. This represents a 17.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.01% of the company's stock.

Community Financial System Stock Down 0.0%

Community Financial System stock opened at $59.10 on Thursday. The business has a fifty day moving average of $57.45 and a two-hundred day moving average of $56.80. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.38. The firm has a market cap of $3.12 billion, a P/E ratio of 16.10 and a beta of 0.79. Community Financial System, Inc. has a twelve month low of $49.44 and a twelve month high of $73.39.

Community Financial System (NYSE:CBU - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The bank reported $0.97 earnings per share for the quarter, missing analysts' consensus estimates of $1.03 by ($0.06). The company had revenue of $199.30 million for the quarter, compared to analysts' expectations of $201.93 million. Community Financial System had a return on equity of 10.71% and a net margin of 19.91%.The firm's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 EPS. On average, 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 disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 12th will be issued a dividend of $0.47 per share. The ex-dividend date is Friday, September 12th. This represents a $1.88 annualized dividend and a dividend yield of 3.2%. This is a boost from Community Financial System's previous quarterly dividend of $0.46. Community Financial System's dividend payout ratio (DPR) is currently 50.14%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Keefe, Bruyette & Woods dropped their price objective on 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. Wall Street Zen lowered Community Financial System from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. One research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $68.00.

Community Financial System Company Profile

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.

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