SG Americas Securities LLC Sells 47,636 Shares of Community Financial System, Inc. $CBU

Key Points

• SG Americas Securities LLC cut its stake in Community Financial System by 28.2% in the first quarter, selling 47,636 shares and leaving it with 121,256 shares valued at about $7.1 million.
• The bank reported better-than-expected quarterly earnings of $1.15 per share, topping estimates, while revenue rose 8.7% year over year to $213.69 million.
• Community Financial System declared a quarterly dividend of $0.47 per share, payable July 10, representing an annualized yield of 2.8%; analysts currently rate the stock a Moderate Buy with an average target price of $69.75.

SG Americas Securities LLC reduced its position in shares of Community Financial System, Inc. (NYSE:CBU - Free Report) by 28.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 121,256 shares of the bank's stock after selling 47,636 shares during the period. SG Americas Securities LLC owned about 0.23% of Community Financial System worth $7,112,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CBU. Corient Private Wealth LLC grew its stake in Community Financial System by 2.4% during the fourth quarter. Corient Private Wealth LLC now owns 10,032 shares of the bank's stock worth $577,000 after buying an additional 231 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Community Financial System by 11.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 10,755 shares of the bank's stock worth $618,000 after acquiring an additional 1,106 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Community Financial System in the 4th quarter worth approximately $288,000. Inspire Investing LLC grew its position in Community Financial System by 5.5% during the 4th quarter. Inspire Investing LLC now owns 8,139 shares of the bank's stock worth $468,000 after acquiring an additional 426 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its holdings in Community Financial System by 5.0% during the 4th quarter. Balyasny Asset Management L.P. now owns 317,274 shares of the bank's stock valued at $18,224,000 after purchasing an additional 15,128 shares in the last quarter. 73.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Community Financial System news, Director Eric Stickels sold 2,000 shares of the company's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $63.98, for a total transaction of $127,960.00. Following the transaction, the director directly owned 31,592 shares in the company, valued at approximately $2,021,256.16. This represents a 5.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.15% of the company's stock.

Community Financial System Stock Down 0.4%

NYSE:CBU opened at $67.46 on Friday. The company has a market cap of $3.55 billion, a price-to-earnings ratio of 16.37 and a beta of 0.78. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.77 and a current ratio of 0.77. The stock's fifty day moving average price is $63.48 and its two-hundred day moving average price is $61.80. Community Financial System, Inc. has a 52-week low of $51.12 and a 52-week high of $68.58.

Community Financial System (NYSE:CBU - Get Free Report) last released its earnings results on Wednesday, April 29th. The bank reported $1.15 EPS for the quarter, beating the consensus estimate of $1.10 by $0.05. The company had revenue of $213.69 million during the quarter, compared to analysts' expectations of $216.36 million. Community Financial System had a return on equity of 11.24% and a net margin of 21.26%.The business's revenue for the quarter was up 8.7% on a year-over-year basis. During the same period last year, the firm earned $0.98 EPS. On average, analysts anticipate that Community Financial System, Inc. will post 4.74 EPS for the current year.

Community Financial System Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Monday, June 15th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, June 15th. Community Financial System's dividend payout ratio (DPR) is presently 45.63%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CBU shares. Wall Street Zen raised Community Financial System from a "sell" rating to a "hold" rating in a research note on Saturday, March 21st. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $75.00 price target on shares of Community Financial System in a report on Thursday, April 30th. Weiss Ratings downgraded shares of Community Financial System from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, June 17th. Finally, Piper Sandler increased their price objective on shares of Community Financial System from $62.00 to $66.00 and gave the stock a "neutral" rating in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have assigned 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 $69.75.

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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