Canandaigua National Bank & Trust Co. Buys Shares of 26,105 Community Financial System, Inc. $CBU

Canandaigua National Bank & Trust Co. acquired a new position in Community Financial System, Inc. (NYSE:CBU) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 26,105 shares of the bank’s stock, valued at approximately $1,752,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. IFP Advisors Inc raised its stake in Community Financial System by 507.0% during the 4th quarter. IFP Advisors Inc now owns 522 shares of the bank’s stock valued at $30,000 after buying an additional 436 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Community Financial System by 177.0% in the second quarter. EverSource Wealth Advisors LLC now owns 781 shares of the bank’s stock worth $44,000 after buying an additional 499 shares during the last quarter. Lipe & Dalton bought a new position in Community Financial System in the fourth quarter worth approximately $52,000. Strs Ohio bought a new position in Community Financial System in the 1st quarter worth $102,000. Finally, Kestra Advisory Services LLC bought a new position in shares of Community Financial System in the fourth quarter worth about $155,000. Institutional investors own 73.79% of the company’s stock.

Community Financial System Stock Performance

NYSE CBU opened at $66.11 on Thursday. The business’s 50 day moving average price is $65.73 and its 200-day moving average price is $63.24. Community Financial System, Inc. has a fifty-two week low of $52.67 and a fifty-two week high of $71.11. The company has a market cap of $3.47 billion, a P/E ratio of 15.34 and a beta of 0.78. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.77 and a current ratio of 0.76.

Community Financial System (NYSE:CBU) last issued its quarterly earnings results on Tuesday, July 28th. The bank reported $1.16 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $218.45 million during the quarter, compared to analysts’ expectations of $221.77 million. During the same quarter in the previous year, the company posted $1.04 earnings per share. The company’s quarterly revenue was up 12.0% compared to the same quarter last year. Sell-side analysts predict that Community Financial System, Inc. will post 4.6 earnings per share for the current year.

Community Financial System Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Tuesday, September 15th will be issued a $0.49 dividend. The ex-dividend date is Tuesday, September 15th. This is a positive change 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%. Community Financial System’s dividend payout ratio (DPR) is presently 43.62%.

Insider Activity at Community Financial System

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

Analyst Ratings Changes

CBU has been the topic of several analyst reports. Raymond James Financial reaffirmed a “strong-buy” rating and set a $75.00 price target on shares of Community Financial System in a report on Thursday, April 30th. Weiss Ratings upgraded Community Financial System from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 2nd. Wall Street Zen lowered Community Financial System from a “hold” rating to a “sell” rating in a research note on Sunday. Keefe, Bruyette & Woods decreased their target price 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, July 30th. Finally, Piper Sandler upped their price target on Community Financial System from $66.00 to $71.00 and gave the stock a “neutral” rating in a research note on Monday. One investment 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $71.50.

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.