Rhumbline Advisers Trims Position in Community Financial System, Inc. $CBU

Key Points

• Rhumbline Advisers reduced its stake in Community Financial System, Inc. by 4.5%, now holding 149,888 shares valued at approximately $8.5 million.
• Community Financial System announced an increase in its quarterly dividend to $0.47 per share, with a dividend yield of 3.2%.
• The company reported quarterly earnings of $0.97 per share, missing analysts' estimates, while revenue grew by 8.4% year-over-year to $199.3 million.

Rhumbline Advisers cut its position in Community Financial System, Inc. (NYSE:CBU - Free Report) by 4.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 149,888 shares of the bank's stock after selling 7,060 shares during the period. Rhumbline Advisers owned about 0.28% of Community Financial System worth $8,523,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Rise Advisors LLC grew its stake in Community Financial System by 48.8% during the first quarter. Rise Advisors LLC now owns 698 shares of the bank's stock valued at $40,000 after acquiring an additional 229 shares in the last quarter. Strs Ohio purchased a new position in Community Financial System during the first quarter valued at $102,000. KBC Group NV grew its stake in Community Financial System by 19.8% during the first quarter. KBC Group NV now owns 2,798 shares of the bank's stock valued at $159,000 after acquiring an additional 463 shares in the last quarter. Mackenzie Financial Corp purchased a new position in Community Financial System during the fourth quarter valued at $204,000. Finally, MQS Management LLC purchased a new position in Community Financial System during the first quarter valued at $205,000. 73.79% of the stock is owned by hedge funds and other institutional investors.

Community Financial System Price Performance

CBU stock opened at $59.10 on Thursday. Community Financial System, Inc. has a 12 month low of $49.44 and a 12 month high of $73.39. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.38. The company has a 50-day moving average price of $57.45 and a 200 day moving average price of $56.80. The stock has a market cap of $3.12 billion, a PE ratio of 16.10 and a beta of 0.79.

Community Financial System (NYSE:CBU - Get Free Report) last announced its quarterly earnings data 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 net margin of 19.91% and a return on equity of 10.71%. The company had revenue of $199.30 million for the quarter, compared to the consensus estimate of $201.93 million. During the same quarter in the previous year, the business earned $0.95 EPS. The company's quarterly revenue was up 8.4% compared to the same quarter last year. Equities research analysts anticipate that Community Financial System, Inc. will post 4.18 earnings per share for the current year.

Community Financial System Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors 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 is Friday, September 12th. This represents a $1.88 annualized dividend and a dividend yield of 3.2%. Community Financial System's dividend payout ratio (DPR) is presently 50.14%.

Insider Activity at Community Financial System

In related news, SVP Jeffrey M. Levy sold 1,440 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the senior vice president owned 6,657 shares in the company, valued at $408,606.66. The trade was a 17.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.01% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CBU has been the subject of several research analyst reports. Keefe, Bruyette & Woods cut their target price on shares of Community Financial System from $69.00 to $67.00 and set a "market perform" rating for the company in a research note on Wednesday, July 23rd. Wall Street Zen downgraded shares of Community Financial System from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average 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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