Legal & General Group Plc Takes $8.38 Million Position in Community Financial System, Inc. $CBU

Legal & General Group Plc acquired a new stake in shares of Community Financial System, Inc. (NYSE:CBU) during the second quarter, according to its most recent filing with the SEC. The fund acquired 124,793 shares of the bank’s stock, valued at approximately $8,376,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in Community Financial System during the 2nd quarter valued at about $507,210,000. Dimensional Fund Advisors LP grew its stake in Community Financial System by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,818,395 shares of the bank’s stock valued at $106,647,000 after acquiring an additional 20,428 shares in the last quarter. Norges Bank bought a new stake in Community Financial System during the 4th quarter worth approximately $38,993,000. Bank of America Corp DE boosted its holdings in Community Financial System by 132.9% in the 3rd quarter. Bank of America Corp DE now owns 636,257 shares of the bank’s stock valued at $37,310,000 after purchasing an additional 363,012 shares during the period. Finally, 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 purchasing an additional 40,384 shares in the last quarter. Hedge funds and other institutional investors own 73.79% of the company’s stock.

Insiders Place Their Bets

In other Community Financial System news, Director Eric Stickels sold 2,000 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $63.98, for a total transaction of $127,960.00. Following the transaction, the director directly owned 31,592 shares in the company, valued at $2,021,256.16. This trade represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark J. Bolus sold 12,191 shares of the stock in a transaction 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 transaction, the director directly owned 94,060 shares in the company, valued at approximately $6,302,020. This represents a 11.47% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.15% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Wall Street Zen raised Community Financial System from a “sell” rating to a “hold” rating in a research note on Monday, August 10th. Piper Sandler lifted their price target on Community Financial System from $66.00 to $71.00 and gave the company a “neutral” rating in a research report on Monday, August 3rd. Weiss Ratings upgraded shares of Community Financial System from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 2nd. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Community Financial System from $70.00 to $68.00 and set a “market perform” rating on the stock in a research note on Thursday, July 30th. 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’s stock. Based on data from MarketBeat.com, Community Financial System presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.50.

Community Financial System Trading Down 1.4%

NYSE CBU opened at $61.86 on Wednesday. The stock’s 50-day simple moving average is $65.86 and its two-hundred day simple moving average is $63.28. Community Financial System, Inc. has a twelve month low of $53.46 and a twelve month high of $71.11. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of 14.35 and a beta of 0.77.

Community Financial System (NYSE:CBU) last posted its quarterly earnings data on Tuesday, July 28th. The bank reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $218.45 million during the quarter, compared to analysts’ expectations of $221.77 million. Community Financial System’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 earnings per share. Research analysts forecast that Community Financial System, Inc. will post 4.58 EPS for the current fiscal year.

Community Financial System Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Tuesday, September 15th will be given a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Tuesday, September 15th. This is a positive change from Community Financial System’s previous quarterly dividend of $0.47. Community Financial System’s dividend payout ratio is presently 43.62%.

Community Financial System 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.