Key Points
- Director John Vaccaro bought 317 shares of Community Financial System at $63.11 each, investing about $20,006 and increasing his direct ownership to 492 shares.
- The bank’s latest quarter showed 12% year-over-year revenue growth, but EPS and revenue slightly missed analyst estimates. Shares were trading near $63, with a market capitalization of approximately $3.32 billion.
- Community Financial System raised its quarterly dividend to $0.49 per share, implying a 3.1% yield, while analysts’ consensus view remained “Moderate Buy” with an average price target of $71.50.
Community Financial System, Inc. (NYSE:CBU - Get Free Report) Director John Vaccaro purchased 317 shares of Community Financial System stock in a transaction dated Thursday, August 27th. The shares were purchased at an average price of $63.11 per share, with a total value of $20,005.87. Following the completion of the transaction, the director directly owned 492 shares in the company, valued at approximately $31,050.12. This represents a 181.14% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link.
Community Financial System Trading Up 0.1%
Community Financial System stock opened at $63.15 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.77 and a current ratio of 0.77. Community Financial System, Inc. has a fifty-two week low of $53.46 and a fifty-two week high of $71.11. The stock has a market cap of $3.32 billion, a P/E ratio of 14.65 and a beta of 0.78. The firm's fifty day moving average price is $65.93 and its 200-day moving average price is $63.36.
Community Financial System (NYSE:CBU - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The bank reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.02). Community Financial System had a net margin of 21.79% and a return on equity of 11.47%. The business had revenue of $218.45 million for the quarter, compared to the consensus estimate of $221.77 million. During the same period in the prior year, the business posted $1.04 EPS. Community Financial System's quarterly revenue was up 12.0% on a year-over-year basis. Equities research analysts forecast that Community Financial System, Inc. will post 4.58 earnings per share for the current fiscal year.
Community Financial System Increases Dividend
The firm also recently declared 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 represents a $1.96 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 15th. This is an increase from Community Financial System's previous quarterly dividend of $0.47. Community Financial System's payout ratio is 43.62%.
Analyst Upgrades and Downgrades
CBU has been the subject of several recent analyst reports. Weiss Ratings raised Community Financial System from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, July 2nd. 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. Piper Sandler lifted their target price 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, Wall Street Zen raised shares of Community Financial System from a "sell" rating to a "hold" rating in a research note on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Community Financial System currently has an average rating of "Moderate Buy" and an average price target of $71.50.
Get Our Latest Stock Report on Community Financial System
Institutional Investors Weigh In On Community Financial System
A number of large investors have recently added to or reduced their stakes in CBU. BlackRock Inc. purchased a new stake in Community Financial System during the second quarter valued at about $507,210,000. California State Teachers Retirement System boosted its holdings in shares of Community Financial System by 7,119.4% in the 2nd quarter. California State Teachers Retirement System now owns 4,100,965 shares of the bank's stock worth $275,257,000 after purchasing an additional 4,044,160 shares in the last quarter. Norges Bank bought a new position in shares of Community Financial System during the 4th quarter valued at about $38,993,000. Bank of New York Mellon Corp bought a new position in shares of Community Financial System during the 2nd quarter valued at about $36,523,000. Finally, Bank of America Corp DE raised its holdings 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 valued at $37,310,000 after buying an additional 363,012 shares in the last quarter. Hedge funds and other institutional investors own 73.79% of the company's stock.
Community Financial System Company Profile
(
Get Free Report)
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.
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