Community Financial System (NYSE:CBU) Issues Earnings Results, Misses Expectations By $0.02 EPS

Community Financial System (NYSE:CBU) announced its quarterly earnings results on Tuesday. The bank reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.02), Briefing.com reports. The firm had revenue of $218.45 million for the quarter, compared to analysts’ expectations of $221.77 million. Community Financial System had a return on equity of 11.24% and a net margin of 21.26%.The business’s quarterly revenue was up 12.0% on a year-over-year basis. During the same period last year, the company posted $1.04 earnings per share.

Community Financial System Stock Performance

Shares of CBU stock opened at $65.30 on Tuesday. 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 firm has a market cap of $3.43 billion, a P/E ratio of 15.85 and a beta of 0.77. The firm’s 50 day moving average price is $65.46 and its 200-day moving average price is $63.03. Community Financial System has a one year low of $51.12 and a one year high of $71.11.

Community Financial System Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.49 per share. This is a boost from Community Financial System’s previous quarterly dividend of $0.47. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, September 15th. Community Financial System’s dividend payout ratio (DPR) is 45.63%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Community Financial System from a “sell” rating to a “hold” rating in a research report on Saturday. Raymond James Financial restated a “strong-buy” rating and set a $75.00 target price on shares of Community Financial System in a research report on Thursday, April 30th. Piper Sandler lifted their price target on Community Financial System from $62.00 to $66.00 and gave the company a “neutral” rating in a research note on Thursday, April 30th. Finally, Weiss Ratings upgraded Community Financial System from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Community Financial System presently has an average rating of “Moderate Buy” and a consensus price target of $69.75.

Insider Buying and Selling

In other news, Director Mark J. Bolus sold 12,191 shares of Community Financial System stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $67.00, for a total value of $816,797.00. Following the completion of the sale, the director directly owned 94,060 shares of the company’s stock, valued at approximately $6,302,020. The trade was a 11.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Eric Stickels sold 2,000 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $63.98, for a total value of $127,960.00. Following the completion of the sale, the director owned 31,592 shares in the company, valued at $2,021,256.16. This represents a 5.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.15% of the stock is owned by insiders.

Hedge Funds Weigh In On Community Financial System

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Corient Private Wealth LLC increased 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 purchasing an additional 231 shares during the period. Mercer Global Advisors Inc. ADV lifted its position in shares of Community Financial System by 11.5% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 10,755 shares of the bank’s stock worth $618,000 after purchasing an additional 1,106 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Community Financial System during the fourth quarter worth about $288,000. Inspire Investing LLC boosted its stake in shares of Community Financial System by 5.5% in the fourth quarter. Inspire Investing LLC now owns 8,139 shares of the bank’s stock valued at $468,000 after purchasing an additional 426 shares during the period. Finally, Balyasny Asset Management L.P. boosted its stake in shares of Community Financial System by 5.0% in the fourth 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 during the period. 73.79% of the stock is currently owned by hedge funds and other institutional investors.

Community Financial System Company 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.