Jupiter Topco LLC Makes New Investment in Community Financial System, Inc. $CBU

Key Points

• Jupiter Topco LLC initiated a position in Community Financial System by purchasing 23,412 shares valued at approximately $1.57 million. Institutional investors collectively own 73.79% of the company.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $71.50, despite mixed target revisions.
• Community Financial System increased its quarterly dividend from $0.47 to $0.49 per share, implying a $1.96 annualized payout and a 3.1% yield. The company’s latest quarterly earnings slightly missed estimates, although revenue rose 12% year over year.

Jupiter Topco LLC 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 23,412 shares of the bank's stock, valued at approximately $1,571,000.

Several other institutional investors have also modified their holdings of the stock. GAMMA Investing LLC lifted its holdings in Community Financial System by 38.4% in the second quarter. GAMMA Investing LLC now owns 541 shares of the bank's stock valued at $36,000 after acquiring an additional 150 shares during the last quarter. California State Teachers Retirement System boosted its holdings in Community Financial System by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 48,580 shares of the bank's stock valued at $2,763,000 after acquiring an additional 191 shares during the period. Lazard Asset Management LLC grew its holdings in shares of Community Financial System by 1.0% in the second quarter. Lazard Asset Management LLC now owns 20,468 shares of the bank's stock valued at $1,164,000 after purchasing an additional 201 shares in the last quarter. Truist Financial Corp boosted its position in Community Financial System by 1.8% in the 4th quarter. Truist Financial Corp now owns 12,205 shares of the bank's stock valued at $701,000 after buying an additional 215 shares during the period. Finally, Corient Private Wealth LLC grew its stake in shares of Community Financial System by 2.4% in the fourth quarter. Corient Private Wealth LLC now owns 10,032 shares of the bank's stock worth $577,000 after acquiring an additional 231 shares in the last quarter. Hedge funds and other institutional investors own 73.79% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on CBU shares. Wall Street Zen upgraded Community Financial System from a "sell" rating to a "hold" rating in a research note on Monday, August 10th. Piper Sandler increased their price target on Community Financial System from $66.00 to $71.00 and gave the company a "neutral" rating in a research report on Monday, August 3rd. Keefe, Bruyette & Woods decreased their price objective on Community Financial System from $70.00 to $68.00 and set a "market perform" rating for the company in a research note on Thursday, July 30th. Finally, Weiss Ratings raised Community Financial System from a "buy (b-)" rating to a "buy (b)" rating in a research 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 data from MarketBeat, Community Financial System presently has an average rating of "Moderate Buy" and an average target price of $71.50.

Insider Buying and Selling at Community Financial System

In other Community Financial System news, Director Eric Stickels sold 2,000 shares of the firm's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $63.98, for a total transaction of $127,960.00. Following the transaction, the director owned 31,592 shares of the company's stock, valued at approximately $2,021,256.16. This trade represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mark Bolus sold 12,191 shares of Community Financial System stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $67.00, for a total value of $816,797.00. Following the sale, the director owned 94,060 shares in the company, valued at $6,302,020. This trade represents a 11.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.15% of the stock is currently owned by insiders.

Community Financial System Stock Performance

Shares of CBU opened at $63.91 on Friday. The company has a market capitalization of $3.36 billion, a price-to-earnings ratio of 14.83 and a beta of 0.77. Community Financial System, Inc. has a 52-week low of $53.46 and a 52-week high of $71.11. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average price of $65.63 and a 200 day moving average price of $63.24.

Community Financial System (NYSE:CBU - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The bank reported $1.16 earnings per share for the quarter, missing analysts' consensus estimates of $1.18 by ($0.02). The company had revenue of $218.45 million for the quarter, compared to analyst estimates of $221.77 million. Community Financial System had a return on equity of 11.47% and a net margin of 21.79%.The firm's revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.04 EPS. Research analysts predict that Community Financial System, Inc. will post 4.58 EPS for the current fiscal year.

Community Financial System Increases Dividend

The business 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 is a boost from Community Financial System's previous quarterly dividend of $0.47. This represents a $1.96 annualized dividend and a yield of 3.1%. The ex-dividend date is Tuesday, September 15th. Community Financial System's payout ratio is currently 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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