Sei Investments Co. Buys 26,269 Shares of Community Financial System, Inc. $CBU

Sei Investments Co. lifted its stake in Community Financial System, Inc. (NYSE:CBU) by 94.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 54,224 shares of the bank’s stock after purchasing an additional 26,269 shares during the quarter. Sei Investments Co.’s holdings in Community Financial System were worth $3,180,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CBU. Norges Bank bought a new stake in Community Financial System in the fourth quarter worth $38,993,000. Bank of America Corp DE raised its stake in shares of Community Financial System by 132.9% in the third quarter. Bank of America Corp DE now owns 636,257 shares of the bank’s stock valued at $37,310,000 after acquiring an additional 363,012 shares during the period. Riggs Asset Managment Co. Inc. raised its stake in shares of Community Financial System by 740.1% in the fourth quarter. Riggs Asset Managment Co. Inc. now owns 401,450 shares of the bank’s stock valued at $23,059,000 after acquiring an additional 353,663 shares during the period. Basswood Capital Management L.L.C. bought a new stake in shares of Community Financial System in the 2nd quarter worth about $15,185,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Community Financial System by 10,989.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 200,049 shares of the bank’s stock worth $11,491,000 after acquiring an additional 198,245 shares during the last quarter. Institutional investors own 73.79% of the company’s stock.

Community Financial System Stock Down 0.8%

Shares of Community Financial System stock opened at $64.82 on Friday. The firm’s 50 day moving average price is $65.78 and its 200-day moving average price is $63.27. The company has a quick ratio of 0.77, a current ratio of 0.76 and a debt-to-equity ratio of 0.29. Community Financial System, Inc. has a 52-week low of $53.46 and a 52-week high of $71.11. The company has a market cap of $3.41 billion, a P/E ratio of 15.04 and a beta of 0.78.

Community Financial System (NYSE:CBU) last posted its earnings results on Tuesday, July 28th. The bank reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.02). The firm had revenue of $218.45 million for the quarter, compared to analysts’ expectations of $221.77 million. Community Financial System had a net margin of 21.79% and a return on equity of 11.47%. The company’s revenue was up 12.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.04 EPS. On average, sell-side analysts predict that Community Financial System, Inc. will post 4.6 EPS 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. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.49 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.96 annualized dividend and a dividend yield of 3.0%. This is a boost from Community Financial System’s previous quarterly dividend of $0.47. Community Financial System’s dividend payout ratio (DPR) is currently 43.62%.

Insiders Place Their Bets

In other Community Financial System news, 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 value of $816,797.00. Following the completion of the sale, the director directly owned 94,060 shares in the company, valued at approximately $6,302,020. This trade represents a 11.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Eric Stickels sold 2,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $2,021,256.16. This represents a 5.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.15% of the stock is owned by company insiders.

Analysts Set New Price Targets

CBU has been the subject of several recent analyst reports. 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, August 2nd. Raymond James Financial restated a “strong-buy” rating and set a $75.00 price objective on shares of Community Financial System in a report on Thursday, April 30th. Keefe, Bruyette & Woods reduced 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 boosted 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 note on Monday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus 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.