Virtu Financial LLC Buys Shares of 6,234 Community Financial System, Inc. $CBU

Key Points

• Virtu Financial LLC has acquired a new stake in Community Financial System, Inc., purchasing 6,234 shares valued at approximately $354,000 during the first quarter.
• The company recently increased its quarterly dividend to $0.47, representing an annualized dividend of $1.88 and a yield of 3.3%.
• Following earnings reports, analysts have differed in their outlooks; some firms lowered their price targets while others have downgraded the stock from "hold" to "sell."

Virtu Financial LLC purchased a new stake in shares of Community Financial System, Inc. (NYSE:CBU - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,234 shares of the bank's stock, valued at approximately $354,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Aquatic Capital Management LLC acquired a new stake in Community Financial System in the fourth quarter worth about $125,000. KBC Group NV lifted its holdings in Community Financial System by 19.8% in the first quarter. KBC Group NV now owns 2,798 shares of the bank's stock worth $159,000 after purchasing an additional 463 shares during the period. Mackenzie Financial Corp acquired a new stake in Community Financial System in the fourth quarter worth about $204,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Community Financial System during the fourth quarter worth approximately $205,000. Finally, MQS Management LLC bought a new stake in Community Financial System during the first quarter worth approximately $205,000. Institutional investors and hedge funds own 73.79% of the company's stock.

Community Financial System Price Performance

NYSE CBU traded up $0.12 on Tuesday, reaching $57.26. The company's stock had a trading volume of 37,385 shares, compared to its average volume of 240,750. The firm's 50 day moving average is $56.31 and its two-hundred day moving average is $57.39. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a market cap of $3.03 billion, a PE ratio of 15.61 and a beta of 0.80. Community Financial System, Inc. has a twelve month low of $49.44 and a twelve month high of $73.39.

Community Financial System (NYSE:CBU - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.06). The company had revenue of $199.30 million for the quarter, compared to analyst estimates of $201.93 million. Community Financial System had a return on equity of 10.71% and a net margin of 19.91%.Community Financial System's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 EPS. As a group, sell-side analysts predict that Community Financial System, Inc. will post 4.18 EPS for the current year.

Community Financial System Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Friday, September 12th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.3%. The ex-dividend date is Friday, September 12th. This is a boost from Community Financial System's previous quarterly dividend of $0.46. Community Financial System's dividend payout ratio is presently 50.14%.

Wall Street Analyst Weigh In

CBU has been the topic of several recent analyst reports. Keefe, Bruyette & Woods dropped their target price on Community Financial System from $69.00 to $67.00 and set a "market perform" rating on the stock in a report on Wednesday, July 23rd. Wall Street Zen cut Community Financial System from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $68.00.

About Community Financial System

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.