8,670 Community Financial System, Inc. $CBU Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its position in Community Financial System, Inc. (NYSE:CBU) by 44.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,895 shares of the bank’s stock after selling 8,670 shares during the period. State of Alaska Department of Revenue’s holdings in Community Financial System were worth $648,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its stake in Community Financial System by 17.3% during the third quarter. Farther Finance Advisors LLC now owns 3,623 shares of the bank’s stock worth $216,000 after buying an additional 535 shares during the period. Moody National Bank Trust Division raised its stake in shares of Community Financial System by 8.2% during the third quarter. Moody National Bank Trust Division now owns 22,224 shares of the bank’s stock valued at $1,323,000 after acquiring an additional 1,677 shares in the last quarter. Eastern Bank purchased a new stake in shares of Community Financial System in the 3rd quarter worth $71,000. Versant Capital Management Inc lifted its stake in Community Financial System by 69.6% in the third quarter. Versant Capital Management Inc now owns 875 shares of the bank’s stock worth $52,000 after acquiring an additional 359 shares during the period. Finally, QRG Capital Management Inc. boosted its stake in shares of Community Financial System by 12.2% during the second quarter. QRG Capital Management Inc. now owns 8,678 shares of the bank’s stock valued at $582,000 after purchasing an additional 947 shares in the last quarter. 73.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Community Financial System

In other Community Financial System news, Director Brenda M. Hall bought 476 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were acquired at an average cost of $63.59 per share, with a total value of $30,268.84. Following the acquisition, the director directly owned 515 shares of the company’s stock, valued at $32,748.85. The trade was a 1,220.51% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 1.15% of the stock is owned by corporate insiders.

Community Financial System Price Performance

Community Financial System stock opened at $62.49 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.77 and a current ratio of 0.77. The company’s 50 day simple moving average is $61.69 and its 200-day simple moving average is $63.52. Community Financial System, Inc. has a 1 year low of $53.46 and a 1 year high of $71.11. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of 14.31 and a beta of 0.76.

Community Financial System (NYSE:CBU) last announced its quarterly earnings data on Tuesday, July 28th. The bank reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.02). Community Financial System had a net margin of 21.79% and a return on equity of 11.47%. The business had revenue of $218.45 million during the quarter, compared to analyst estimates of $221.77 million. During the same quarter last year, the firm posted $1.04 EPS. The company’s revenue for the quarter was up 12.0% on a year-over-year basis. As a group, equities research analysts expect that Community Financial System, Inc. will post 4.61 earnings per share for the current year.

Community Financial System Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 11th. Shareholders of record on Tuesday, December 15th will be issued a dividend of $0.49 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $1.96 annualized dividend and a dividend yield of 3.1%. Community Financial System’s dividend payout ratio (DPR) is presently 45.48%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CBU shares. Piper Sandler lowered their target price on shares of Community Financial System from $71.00 to $65.00 and set a “neutral” rating for the company in a research note on Tuesday, October 6th. DA Davidson decreased their price objective on shares of Community Financial System from $70.00 to $69.00 and set a “neutral” rating for the company in a research note on Monday, October 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Community Financial System in a report on Tuesday, September 29th. Wall Street Zen upgraded Community Financial System from a “sell” rating to a “hold” rating in a research report on Monday, August 10th. Finally, Keefe, Bruyette & Woods reduced 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. 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 company’s stock. According to MarketBeat, Community Financial System currently has a consensus rating of “Moderate Buy” and an average price target of $69.25.

Community Financial System Company Profile

Community Financial System, Inc (NYSE: CBU) is a diversified financial services company headquartered in DeWitt, New York. Formerly known as Community Bank System, Inc, the company traces its banking history to 1866 and operates through Community Bank, N.A., along with other financial services businesses.

Its banking operations provide consumer and commercial deposit accounts, residential and commercial lending, agricultural financing, municipal banking, cash management, and other financial products.