Principal Financial Group Inc. Lowers Stock Holdings in Community Financial System, Inc. $CBU

Principal Financial Group Inc. trimmed its stake in shares of Community Financial System, Inc. (NYSE:CBU) by 14.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 255,314 shares of the bank’s stock after selling 44,431 shares during the quarter. Principal Financial Group Inc. owned 0.48% of Community Financial System worth $14,972,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Community Financial System in the second quarter valued at approximately $34,546,000. Goldman Sachs Group Inc. raised its holdings in shares of Community Financial System by 7.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 550,613 shares of the bank’s stock valued at $31,308,000 after purchasing an additional 40,384 shares in the last quarter. Balyasny Asset Management L.P. lifted its position in shares of Community Financial System by 25.3% during the 2nd quarter. Balyasny Asset Management L.P. now owns 354,906 shares of the bank’s stock worth $20,184,000 after purchasing an additional 71,631 shares during the last quarter. FJ Capital Management LLC increased its holdings in Community Financial System by 157.0% in the second quarter. FJ Capital Management LLC now owns 270,197 shares of the bank’s stock valued at $15,366,000 after buying an additional 165,069 shares during the last quarter. Finally, Basswood Capital Management L.L.C. purchased a new stake in Community Financial System during the 2nd quarter worth about $15,185,000. Hedge funds and other institutional investors own 73.79% of the company’s stock.

Community Financial System Trading Up 0.7%

NYSE:CBU opened at $66.85 on Tuesday. Community Financial System, Inc. has a 12-month low of $49.44 and a 12-month high of $67.50. The company has a current ratio of 0.75, a quick ratio of 0.76 and a debt-to-equity ratio of 0.23. The stock’s 50 day simple moving average is $60.88 and its 200-day simple moving average is $58.56. The firm has a market cap of $3.52 billion, a P/E ratio of 16.84 and a beta of 0.81.

Community Financial System (NYSE:CBU) last posted its quarterly earnings data on Tuesday, January 27th. The bank reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.06). The firm had revenue of $215.56 million during the quarter, compared to analysts’ expectations of $212.85 million. Community Financial System had a net margin of 20.82% and a return on equity of 11.09%. The business’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the business earned $0.94 earnings per share. Equities analysts anticipate that Community Financial System, Inc. will post 4.18 EPS for the current year.

Community Financial System Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Monday, March 16th will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, March 16th. Community Financial System’s payout ratio is 47.36%.

Analyst Ratings Changes

CBU has been the topic of several research analyst reports. Wall Street Zen lowered Community Financial System from a “hold” rating to a “sell” rating in a research report on Saturday, January 17th. Weiss Ratings reissued a “hold (c+)” rating on shares of Community Financial System in a research report on Monday, December 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $66.00 target price (down previously from $67.00) on shares of Community Financial System in a research report on Thursday, October 23rd. Janney Montgomery Scott downgraded Community Financial System from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 13th. Finally, Piper Sandler initiated coverage on Community Financial System in a report on Wednesday, December 3rd. They issued a “neutral” rating and a $62.00 price objective for the company. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Community Financial System currently has a consensus rating of “Hold” and an average target price of $64.00.

Insider Activity

In related news, Director John F. Whipple sold 4,246 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $65.17, for a total value of $276,711.82. Following the completion of the sale, the director owned 8,506 shares in the company, valued at $554,336.02. This trade represents a 33.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Eric Stickels sold 2,000 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $64.75, for a total value of $129,500.00. Following the transaction, the director directly owned 33,342 shares of the company’s stock, valued at approximately $2,158,894.50. This trade represents a 5.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.01% of the company’s stock.

Community Financial System Company 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.