Freestone Grove Partners LP Acquires New Shares in Community Financial System, Inc. $CBU

Freestone Grove Partners LP acquired a new position in Community Financial System, Inc. (NYSE:CBU) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 8,086 shares of the bank’s stock, valued at approximately $543,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CBU. IFP Advisors Inc increased its position in Community Financial System by 507.0% during the 4th quarter. IFP Advisors Inc now owns 522 shares of the bank’s stock valued at $30,000 after purchasing an additional 436 shares during the period. GAMMA Investing LLC raised its holdings in shares of Community Financial System by 38.4% in the 2nd quarter. GAMMA Investing LLC now owns 541 shares of the bank’s stock valued at $36,000 after purchasing an additional 150 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Community Financial System by 177.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 781 shares of the bank’s stock worth $44,000 after purchasing an additional 499 shares during the period. Strs Ohio purchased a new stake in shares of Community Financial System in the 1st quarter worth approximately $102,000. Finally, Manning & Napier Advisors LLC bought a new position in shares of Community Financial System during the second quarter valued at approximately $116,000. 73.79% of the stock is currently owned by institutional investors.

Community Financial System Stock Performance

CBU stock opened at $63.15 on Monday. The firm has a market cap of $3.32 billion, a price-to-earnings ratio of 14.65 and a beta of 0.78. The firm has a 50-day simple moving average of $65.93 and a two-hundred day simple moving average of $63.33. Community Financial System, Inc. has a one year low of $53.46 and a one year high of $71.11. 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 (NYSE:CBU) last released its quarterly earnings results 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 net margin of 21.79% and a return on equity of 11.47%. The firm had revenue of $218.45 million during the quarter, compared to the consensus estimate of $221.77 million. During the same quarter in the prior year, the business posted $1.04 earnings per share. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. On average, equities analysts forecast that Community Financial System, Inc. will post 4.58 EPS for the current fiscal year.

Community Financial System Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors 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 dividend on an annualized basis and a yield of 3.1%. Community Financial System’s dividend payout ratio is currently 45.48%.

Insider Buying and Selling at Community Financial System

In other news, Director Brenda M. Hall purchased 476 shares of the business’s stock in a transaction on Monday, August 24th. The shares were acquired at an average cost of $63.59 per share, with a total value of $30,268.84. Following the completion of the acquisition, the director owned 515 shares of the company’s stock, valued at $32,748.85. This trade represents a 1,220.51% increase 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 Mark J. Bolus sold 12,191 shares of the company’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $67.00, for a total value of $816,797.00. Following the transaction, the director directly owned 94,060 shares in the company, valued at approximately $6,302,020. The trade was a 11.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CBU has been the topic of several research reports. Piper Sandler lifted their price objective on shares of Community Financial System from $66.00 to $71.00 and gave the company a “neutral” rating in a report on Monday, August 3rd. Wall Street Zen upgraded Community Financial System from a “sell” rating to a “hold” rating in a report on Monday, August 10th. Weiss Ratings raised Community Financial System from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 2nd. Finally, Keefe, Bruyette & Woods cut their price target on Community Financial System from $70.00 to $68.00 and set a “market perform” rating on the stock in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.50.

About Community Financial System

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.