Jupiter Topco LLC Makes New Investment in Community Financial System, Inc. $CBU

Jupiter Topco LLC acquired a new stake in Community Financial System, Inc. (NYSE:CBU) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 23,412 shares of the bank’s stock, valued at approximately $1,571,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in Community Financial System in the second quarter valued at about $507,210,000. Norges Bank purchased a new stake in shares of Community Financial System during the 4th quarter worth $38,993,000. Bank of New York Mellon Corp acquired a new position in shares of Community Financial System during the 2nd quarter worth $36,523,000. Bank of America Corp DE grew its stake in shares of 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 worth $37,310,000 after purchasing an additional 363,012 shares during the period. Finally, Basswood Capital Management L.L.C. purchased a new position in shares of Community Financial System in the 2nd quarter valued at about $15,185,000. Hedge funds and other institutional investors own 73.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CBU shares. Weiss Ratings raised shares of Community Financial System from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 2nd. Wall Street Zen raised shares of Community Financial System from a “sell” rating to a “hold” rating in a report on Monday, August 10th. Piper Sandler lifted their price target on shares of Community Financial System from $66.00 to $71.00 and gave the company a “neutral” rating in a research report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods decreased their price target 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. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $71.50.

Insider Transactions at Community Financial System

In related news, Director Brenda M. Hall acquired 476 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were acquired at an average price of $63.59 per share, with a total value of $30,268.84. Following the completion of the purchase, the director directly owned 515 shares in the company, valued at approximately $32,748.85. The trade was a 1,220.51% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mark J. Bolus sold 12,191 shares of Community Financial System stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $67.00, for a total value of $816,797.00. Following the sale, the director owned 94,060 shares of the company’s stock, valued at approximately $6,302,020. This represents a 11.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.15% of the company’s stock.

Community Financial System Stock Up 0.7%

Shares of NYSE CBU opened at $63.91 on Friday. Community Financial System, Inc. has a 12-month low of $53.46 and a 12-month high of $71.11. The company has a market capitalization of $3.36 billion, a PE ratio of 14.83 and a beta of 0.77. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.77 and a quick ratio of 0.77. The firm’s 50-day moving average is $65.63 and its two-hundred day moving average is $63.24.

Community Financial System (NYSE:CBU) last issued 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 return on equity of 11.47% and a net margin of 21.79%.The business had revenue of $218.45 million for the quarter, compared to analysts’ expectations of $221.77 million. During the same period last year, the business earned $1.04 earnings per share. The company’s revenue for the quarter was up 12.0% on a year-over-year basis. Equities analysts anticipate that Community Financial System, Inc. will post 4.58 EPS for the current fiscal year.

Community Financial System Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.49 per share. The ex-dividend date of this dividend 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 annualized dividend and a yield of 3.1%. Community Financial System’s dividend payout ratio (DPR) is 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.