Community Financial System, Inc. $CBU Shares Sold by Rhumbline Advisers

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 lowered its holdings in Community Financial System, Inc. (NYSE:CBU - Free Report) by 4.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 149,888 shares of the bank's stock after selling 7,060 shares during the quarter. Rhumbline Advisers owned approximately 0.28% of Community Financial System worth $8,523,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CBU. Rise Advisors LLC raised its holdings in shares of Community Financial System by 48.8% in the 1st quarter. Rise Advisors LLC now owns 698 shares of the bank's stock valued at $40,000 after purchasing an additional 229 shares in the last quarter. Strs Ohio bought a new stake in shares of Community Financial System in the 1st quarter valued at about $102,000. KBC Group NV raised its holdings in shares of Community Financial System by 19.8% in the 1st quarter. KBC Group NV now owns 2,798 shares of the bank's stock valued at $159,000 after purchasing an additional 463 shares in the last quarter. Mackenzie Financial Corp bought a new stake in shares of Community Financial System in the 4th quarter valued at about $204,000. Finally, MQS Management LLC bought a new stake in shares of Community Financial System in the 1st quarter valued at about $205,000. Institutional investors own 73.79% of the company's stock.

Insider Transactions at Community Financial System

In related news, SVP Jeffrey M. Levy sold 1,440 shares of the firm's stock in a transaction dated 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 sale, the senior vice president directly owned 6,657 shares in the company, valued at approximately $408,606.66. This trade represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.01% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have 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 report on Wednesday, July 23rd. Wall Street Zen lowered shares of 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 stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $68.00.

Community Financial System Price Performance

Shares of NYSE CBU traded down $0.85 during mid-day trading on Tuesday, reaching $57.19. The company's stock had a trading volume of 66,219 shares, compared to its average volume of 235,614. The stock has a 50-day moving average of $57.40 and a two-hundred day moving average of $56.63. The stock has a market capitalization of $3.02 billion, a P/E ratio of 15.58 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 1-year low of $49.44 and a 1-year high of $73.39.

Community Financial System (NYSE:CBU - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The bank reported $0.97 EPS for the quarter, missing analysts' consensus estimates of $1.03 by ($0.06). The business had revenue of $199.30 million during the quarter, compared to analyst estimates of $201.93 million. Community Financial System had a net margin of 19.91% and a return on equity of 10.71%. Community Financial System's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company earned $0.95 earnings per share. On average, equities research analysts anticipate that Community Financial System, Inc. will post 4.18 EPS for the current fiscal 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 given a dividend of $0.47 per share. The ex-dividend date is Friday, September 12th. This is an increase from Community Financial System's previous quarterly dividend of $0.46. This represents a $1.88 annualized dividend and a yield of 3.3%. Community Financial System's dividend payout ratio (DPR) is 51.23%.

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.