Community Financial System, Inc. $CBU Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in Community Financial System, Inc. by 1.6%, owning approximately 1.26% of the company with a value of $37.93 million after selling 10,781 shares in the first quarter.
• Community Financial System recently increased its quarterly dividend to $0.47, representing an annualized yield of 3.1% and a payout ratio of 50.14%.
• The company reported earnings per share of $0.97 for the latest quarter, missing analysts' expectations, while its revenue increased by 8.4% year-over-year but fell short of forecasted figures.

Northern Trust Corp lessened its stake in shares of Community Financial System, Inc. (NYSE:CBU - Free Report) by 1.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 667,060 shares of the bank's stock after selling 10,781 shares during the quarter. Northern Trust Corp owned about 1.26% of Community Financial System worth $37,929,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CBU. Aquatic Capital Management LLC purchased a new stake in shares of Community Financial System during the 4th quarter worth approximately $125,000. KBC Group NV lifted its position in shares of Community Financial System by 19.8% during the 1st quarter. KBC Group NV now owns 2,798 shares of the bank's stock worth $159,000 after buying an additional 463 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in Community Financial System in the 4th quarter valued at $204,000. MQS Management LLC purchased a new stake in Community Financial System in the 1st quarter valued at $205,000. Finally, Stone House Investment Management LLC purchased a new stake in Community Financial System in the 1st quarter valued at $205,000. Hedge funds and other institutional investors own 73.79% of the company's stock.

Community Financial System Stock Performance

Community Financial System stock traded down $0.84 during trading hours on Tuesday, reaching $59.06. 74,466 shares of the stock were exchanged, compared to its average volume of 239,421. The stock has a market cap of $3.12 billion, a P/E ratio of 16.09 and a beta of 0.79. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.76 and a current ratio of 0.76. Community Financial System, Inc. has a 52-week low of $49.44 and a 52-week high of $73.39. The firm's 50 day moving average is $57.12 and its 200 day moving average is $56.93.

Community Financial System (NYSE:CBU - Get Free Report) last posted its quarterly 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). Community Financial System had a return on equity of 10.71% and a net margin of 19.91%.The company had revenue of $199.30 million for the quarter, compared to analyst estimates of $201.93 million. During the same period last year, the company earned $0.95 earnings per share. The business's revenue for the quarter was up 8.4% compared to the same quarter last year. Analysts predict that Community Financial System, Inc. will post 4.18 EPS for the current fiscal year.

Community Financial System Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 12th will be paid a dividend of $0.47 per share. This is a boost from Community Financial System's previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Friday, September 12th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.2%. Community Financial System's dividend payout ratio is currently 50.14%.

Insider Buying and Selling at Community Financial System

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

Analyst Ratings Changes

Several analysts recently commented on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Community Financial System from $69.00 to $67.00 and set a "market perform" rating for the company in a research report on Wednesday, July 23rd. Wall Street Zen downgraded shares of Community Financial System from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average 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.