The Manufacturers Life Insurance Company Makes New Investment in Community Financial System, Inc. $CBU

Key Points

• The Manufacturers Life Insurance Company initiated a 26,480-share stake in Community Financial System valued at approximately $1.78 million. Institutional investors collectively own 73.79% of the company.
• Community Financial System’s quarterly results slightly missed expectations, with EPS of $1.16 versus the $1.18 consensus and revenue of $218.45 million versus $221.77 million expected. Revenue nevertheless increased 12% year over year.
• The company raised its quarterly dividend to $0.49 per share, implying an annualized payout of $1.96 and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $71.50.

The Manufacturers Life Insurance Company bought a new stake in Community Financial System, Inc. (NYSE:CBU - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 26,480 shares of the bank's stock, valued at approximately $1,777,000. The Manufacturers Life Insurance Company owned 0.05% of Community Financial System as of its most recent SEC filing.

Several other large investors have also modified their holdings of CBU. GAMMA Investing LLC increased its position in shares of Community Financial System by 38.4% during the 2nd quarter. GAMMA Investing LLC now owns 541 shares of the bank's stock worth $36,000 after purchasing an additional 150 shares during the last quarter. California State Teachers Retirement System lifted its position in Community Financial System by 0.4% in the second quarter. California State Teachers Retirement System now owns 48,580 shares of the bank's stock valued at $2,763,000 after buying an additional 191 shares during the last quarter. Lazard Asset Management LLC boosted its stake in Community Financial System by 1.0% during the second quarter. Lazard Asset Management LLC now owns 20,468 shares of the bank's stock worth $1,164,000 after buying an additional 201 shares during the period. Truist Financial Corp boosted its stake in Community Financial System by 1.8% during the fourth quarter. Truist Financial Corp now owns 12,205 shares of the bank's stock worth $701,000 after buying an additional 215 shares during the period. Finally, Corient Private Wealth LLC increased its position in shares of Community Financial System by 2.4% during the fourth quarter. Corient Private Wealth LLC now owns 10,032 shares of the bank's stock valued at $577,000 after acquiring an additional 231 shares during the last quarter. Institutional investors and hedge funds own 73.79% of the company's stock.

Community Financial System Stock Performance

NYSE CBU opened at $63.51 on Friday. The company has a market cap of $3.34 billion, a P/E ratio of 14.74 and a beta of 0.77. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a 50-day moving average of $65.70 and a two-hundred day moving average of $63.24. Community Financial System, Inc. has a 1-year low of $53.46 and a 1-year high of $71.11.

Community Financial System (NYSE:CBU - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The bank reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.02). Community Financial System had a return on equity of 11.47% and a net margin of 21.79%.The business had revenue of $218.45 million for the quarter, compared to analyst estimates of $221.77 million. During the same period in the prior year, the company posted $1.04 EPS. The firm's revenue for the quarter was up 12.0% compared to the same quarter last year. As a group, analysts anticipate that Community Financial System, Inc. will post 4.58 EPS for the current year.

Community Financial System Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 15th. This is an increase from Community Financial System's previous quarterly dividend of $0.47. Community Financial System's payout ratio is currently 43.62%.

Insiders Place Their Bets

In other Community Financial System news, Director Brenda M. Hall bought 476 shares of Community Financial System stock in a transaction on Monday, August 24th. The shares were bought at an average cost of $63.59 per share, for a total transaction of $30,268.84. Following the acquisition, the director directly owned 515 shares in the company, valued at $32,748.85. This represents a 1,220.51% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mark Bolus sold 12,191 shares of the firm's stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $67.00, for a total transaction of $816,797.00. Following the completion of the transaction, the director directly owned 94,060 shares of the company's stock, valued at $6,302,020. This represents a 11.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CBU shares. Wall Street Zen raised shares of Community Financial System from a "sell" rating to a "hold" rating in a research note on Monday, August 10th. Keefe, Bruyette & Woods lowered their price objective on shares of Community Financial System from $70.00 to $68.00 and set a "market perform" rating for the company in a research report on Thursday, July 30th. Piper Sandler lifted their target price on shares of Community Financial System from $66.00 to $71.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Finally, Weiss Ratings raised Community Financial System from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $71.50.

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.

Want to see what other hedge funds are holding CBU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Community Financial System, Inc. (NYSE:CBU - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source