Community Financial System, Inc. $CBU Stake Boosted by Riggs Asset Managment Co. Inc.

Riggs Asset Managment Co. Inc. boosted its stake in shares of Community Financial System, Inc. (NYSE:CBU) by 740.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 401,450 shares of the bank’s stock after purchasing an additional 353,663 shares during the period. Community Financial System comprises approximately 4.7% of Riggs Asset Managment Co. Inc.’s investment portfolio, making the stock its 2nd biggest holding. Riggs Asset Managment Co. Inc.’s holdings in Community Financial System were worth $23,059,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Community Financial System by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,141 shares of the bank’s stock worth $1,771,000 after acquiring an additional 1,362 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Community Financial System by 7.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 550,613 shares of the bank’s stock valued at $31,308,000 after acquiring an additional 40,384 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Community Financial System by 6.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 136,619 shares of the bank’s stock worth $7,768,000 after purchasing an additional 8,182 shares during the last quarter. Jane Street Group LLC raised its holdings in shares of Community Financial System by 523.4% in the 1st quarter. Jane Street Group LLC now owns 145,719 shares of the bank’s stock worth $8,286,000 after purchasing an additional 122,343 shares during the period. Finally, Intech Investment Management LLC lifted its stake in Community Financial System by 37.5% in the first quarter. Intech Investment Management LLC now owns 25,846 shares of the bank’s stock valued at $1,470,000 after purchasing an additional 7,052 shares during the last quarter. Hedge funds and other institutional investors own 73.79% of the company’s stock.

Insider Buying and Selling at Community Financial System

In related news, Director Eric Stickels sold 2,000 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $64.75, for a total transaction of $129,500.00. Following the sale, the director owned 33,342 shares of the company’s stock, valued at approximately $2,158,894.50. This represents a 5.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John F. Whipple sold 4,246 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $65.17, for a total value of $276,711.82. Following the completion of the transaction, the director owned 8,506 shares of the company’s stock, valued at approximately $554,336.02. This represents a 33.30% decrease in their position. The SEC filing for this sale provides additional information. 1.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have weighed in on CBU. Weiss Ratings raised Community Financial System from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, April 7th. DA Davidson initiated coverage on Community Financial System in a research note on Wednesday, February 25th. They issued a “neutral” rating and a $72.00 target price on the stock. Wall Street Zen raised Community Financial System from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Finally, Janney Montgomery Scott downgraded Community Financial System from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 13th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $66.67.

Community Financial System Stock Performance

Shares of CBU stock opened at $63.12 on Friday. The stock has a market capitalization of $3.32 billion, a P/E ratio of 15.90 and a beta of 0.77. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.23. The firm’s 50 day moving average is $60.61 and its 200 day moving average is $59.67. Community Financial System, Inc. has a 12 month low of $51.12 and a 12 month high of $67.50.

Community Financial System (NYSE:CBU) last released its quarterly earnings data on Tuesday, January 27th. The bank reported $1.12 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.01). Community Financial System had a return on equity of 11.09% and a net margin of 20.82%.The business had revenue of $215.56 million during the quarter, compared to the consensus estimate of $212.85 million. During the same period last year, the business posted $0.94 earnings per share. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. On average, sell-side analysts anticipate that Community Financial System, Inc. will post 4.67 earnings per share for the current year.

Community Financial System Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Monday, June 15th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, June 15th. Community Financial System’s dividend payout ratio (DPR) is presently 47.36%.

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.