Federated Hermes Inc. Sells 76,865 Shares of Community Financial System, Inc. $CBU

Federated Hermes Inc. lessened its holdings in Community Financial System, Inc. (NYSE:CBU) by 9.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 757,625 shares of the bank’s stock after selling 76,865 shares during the period. Federated Hermes Inc.’s holdings in Community Financial System were worth $43,086,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new position in Community Financial System in the 2nd quarter worth about $34,546,000. Nuveen LLC bought a new position in shares of Community Financial System in the first quarter worth approximately $9,294,000. Invesco Ltd. increased its position in shares of Community Financial System by 80.2% in the first quarter. Invesco Ltd. now owns 339,696 shares of the bank’s stock worth $19,315,000 after purchasing an additional 151,189 shares during the last quarter. Jane Street Group LLC lifted its position in Community Financial System by 523.4% during the first quarter. Jane Street Group LLC now owns 145,719 shares of the bank’s stock valued at $8,286,000 after purchasing an additional 122,343 shares during the last quarter. Finally, FJ Capital Management LLC purchased a new position in Community Financial System in the 1st quarter worth approximately $5,978,000. 73.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CBU has been the topic of a number of research analyst reports. Wall Street Zen lowered shares of Community Financial System from a “hold” rating to a “sell” rating in a report on Saturday. Piper Sandler started coverage on Community Financial System in a research report on Wednesday, December 3rd. They set a “neutral” rating and a $62.00 price target on the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $66.00 price target (down previously from $67.00) on shares of Community Financial System in a research note on Thursday, October 23rd. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Community Financial System in a report on Monday, December 1st. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Community Financial System presently has a consensus rating of “Hold” and a consensus target price of $64.00.

Community Financial System Stock Up 1.3%

CBU opened at $59.42 on Tuesday. The business’s 50-day moving average price is $56.91 and its 200-day moving average price is $57.20. Community Financial System, Inc. has a 12 month low of $49.44 and a 12 month high of $69.69. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.28. The company has a market cap of $3.13 billion, a P/E ratio of 15.31 and a beta of 0.79.

Community Financial System (NYSE:CBU) last announced its quarterly earnings results on Tuesday, October 21st. The bank reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.06. Community Financial System had a net margin of 20.72% and a return on equity of 11.09%. The business had revenue of $206.82 million during the quarter, compared to analysts’ expectations of $206.85 million. During the same quarter in the prior year, the company posted $0.88 EPS. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, equities analysts expect that Community Financial System, Inc. will post 4.18 EPS for the current year.

Community Financial System Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 12th. Investors of record on Friday, December 12th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Friday, December 12th. This represents a $1.88 annualized dividend and a dividend yield of 3.2%. Community Financial System’s dividend payout ratio (DPR) is presently 48.45%.

About Community Financial System

Community Bank System, Inc operates as the bank holding company for Community Bank, N.A. that provides various banking and other financial services to retail, commercial, institutional, and municipal customers. It operates through three segments: Banking, Employee Benefit Services, and All Other. The company offers various deposits products, such as interest and noninterest -bearing checking, savings, and money market deposit accounts, as well as time deposits.