Community Financial System (NYSE:CBU) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen lowered shares of Community Financial System (NYSE:CBU) from a hold rating to a sell rating in a report released on Sunday.

CBU has been the topic of several other research reports. Raymond James Financial reaffirmed a “strong-buy” rating and set a $75.00 target price on shares of Community Financial System in a report on Thursday, April 30th. Piper Sandler upped their price target on shares of Community Financial System from $62.00 to $66.00 and gave the company a “neutral” rating in a research report on Thursday, April 30th. Keefe, Bruyette & Woods reduced their price objective on Community Financial System from $70.00 to $68.00 and set a “market perform” rating on the stock in a research note on Thursday. Finally, Weiss Ratings upgraded Community Financial System from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $70.25.

Community Financial System Stock Down 0.2%

Shares of CBU opened at $64.67 on Friday. Community Financial System has a 1 year low of $51.12 and a 1 year high of $71.11. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.76 and a quick ratio of 0.77. The stock has a 50 day simple moving average of $65.58 and a two-hundred day simple moving average of $63.13. The firm has a market cap of $3.40 billion, a P/E ratio of 15.00 and a beta of 0.78.

Community Financial System (NYSE:CBU) last posted its quarterly earnings results on Tuesday, July 28th. The bank reported $1.16 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.02). The business 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 11.47% and a net margin of 21.79%.The company’s revenue was up 12.0% compared to the same quarter last year. During the same period last year, the business posted $1.04 earnings per share. On average, analysts forecast that Community Financial System will post 4.64 earnings per share for the current fiscal year.

Community Financial System Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Tuesday, September 15th will be issued a $0.49 dividend. This is an increase from Community Financial System’s previous quarterly dividend of $0.47. The ex-dividend date is Tuesday, September 15th. This represents a $1.96 annualized dividend and a yield of 3.0%. Community Financial System’s dividend payout ratio (DPR) is 43.62%.

Insider Buying and Selling

In related news, Director Eric Stickels sold 2,000 shares of Community Financial System 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 sale, the director owned 31,592 shares in the company, valued at $2,021,256.16. The trade was a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mark J. Bolus sold 12,191 shares of the business’s 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. The trade was a 11.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Community Financial System

Institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Community Financial System during the fourth quarter valued at $38,993,000. Bank of America Corp DE grew its position in Community Financial System by 132.9% during 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 last quarter. Riggs Asset Managment Co. Inc. increased its stake in Community Financial System by 740.1% during the 4th quarter. Riggs Asset Managment Co. Inc. now owns 401,450 shares of the bank’s stock valued at $23,059,000 after purchasing an additional 353,663 shares in the last quarter. Basswood Capital Management L.L.C. bought a new stake in Community Financial System during the 2nd quarter valued at about $15,185,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Community Financial System by 10,989.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 200,049 shares of the bank’s stock worth $11,491,000 after buying an additional 198,245 shares during the last quarter. 73.79% of the stock is owned by institutional investors.

About Community Financial System

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.