Riggs Asset Managment Co. Inc. Grows Stake in Community Financial System, Inc. $CBU

Key Points

• Riggs Asset Managment Co. Inc. boosted its stake by 740.1% in Community Financial System in Q4, buying 353,663 shares to hold 401,450 shares worth about $23.06M, making CBU its second-largest position; overall institutional ownership is ~73.79%.
• Community Financial System declared a quarterly dividend of $0.47 per share (annualized $1.88, ~3.0% yield; ex-dividend June 15, payable July 10); in the latest quarter CBU reported EPS of $1.12 (missed by $0.01) and revenue of $215.56M, up 9.8% year-over-year.
• Analysts hold a consensus rating of "Hold" with an average price target of $66.67, reflecting mixed coverage including a Weiss upgrade to Buy and other firms initiating or trimming ratings to Neutral/Hold.

Riggs Asset Managment Co. Inc. boosted its position in Community Financial System, Inc. (NYSE:CBU - Free Report) by 740.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 401,450 shares of the bank's stock after buying an additional 353,663 shares during the period. Community Financial System makes up approximately 4.7% of Riggs Asset Managment Co. Inc.'s portfolio, making the stock its 2nd biggest position. Riggs Asset Managment Co. Inc. owned approximately 0.76% of Community Financial System worth $23,059,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its holdings in shares of Community Financial System by 17.0% during the third quarter. Envestnet Asset Management Inc. now owns 114,362 shares of the bank's stock valued at $6,706,000 after acquiring an additional 16,581 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Community Financial System by 2,430.6% in the 4th quarter. SG Americas Securities LLC now owns 168,892 shares of the bank's stock worth $9,701,000 after purchasing an additional 162,218 shares in the last quarter. Public Sector Pension Investment Board lifted its holdings in shares of Community Financial System by 14.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 206,169 shares of the bank's stock worth $12,090,000 after purchasing an additional 26,002 shares in the last quarter. Numerai GP LLC acquired a new stake in Community Financial System in the 3rd quarter valued at $4,117,000. Finally, Alliance Wealth Advisors LLC grew its position in Community Financial System by 95.1% in the 4th quarter. Alliance Wealth Advisors LLC now owns 20,825 shares of the bank's stock valued at $1,196,000 after purchasing an additional 10,150 shares during the period. 73.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CBU has been the topic of several research reports. DA Davidson initiated coverage on shares of Community Financial System in a report on Wednesday, February 25th. They set a "neutral" rating and a $72.00 price objective on the stock. Weiss Ratings upgraded shares of Community Financial System from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, April 7th. Wall Street Zen upgraded shares of Community Financial System from a "sell" rating to a "hold" rating in a report on Saturday, March 21st. Finally, Janney Montgomery Scott cut shares of Community Financial System from a "buy" rating to a "neutral" rating in a research report on Tuesday, January 13th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Community Financial System currently has a consensus rating of "Hold" and an average price target of $66.67.

Insider Activity at Community Financial System

In other news, Director John F. Whipple sold 4,246 shares of the business's stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $65.17, for a total value of $276,711.82. Following the transaction, the director owned 8,506 shares in the company, valued at $554,336.02. The trade was a 33.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eric Stickels sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $64.75, for a total value of $129,500.00. Following the completion of the transaction, the director directly owned 33,342 shares of the company's stock, valued at approximately $2,158,894.50. This represents a 5.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.15% of the stock is owned by company insiders.

Community Financial System Price Performance

CBU opened at $63.12 on Friday. Community Financial System, Inc. has a 1 year low of $51.12 and a 1 year high of $67.50. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.76 and a quick ratio of 0.76. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 15.90 and a beta of 0.77. The firm's fifty day moving average price is $60.61 and its two-hundred day moving average price is $59.67.

Community Financial System (NYSE:CBU - Get Free Report) last announced its earnings results on Tuesday, January 27th. The bank reported $1.12 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.01). Community Financial System had a net margin of 20.82% and a return on equity of 11.09%. The firm had revenue of $215.56 million during the quarter, compared to analysts' expectations of $212.85 million. During the same quarter in the prior year, the company earned $0.94 EPS. The business's revenue for the quarter was up 9.8% on a year-over-year basis. As a group, analysts anticipate that Community Financial System, Inc. will post 4.67 earnings per share for the current fiscal year.

Community Financial System Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Monday, June 15th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.88 annualized dividend and a dividend yield of 3.0%. Community Financial System's dividend payout ratio (DPR) is currently 47.36%.

About Community Financial System

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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