Community Financial System (NYSE:CBU) Releases Earnings Results, Beats Expectations By $0.01 EPS

Community Financial System (NYSE:CBU) posted its quarterly earnings data on Tuesday. The bank reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.01, Zacks reports. Community Financial System had a net margin of 20.72% and a return on equity of 11.26%. The business had revenue of $207.90 million during the quarter, compared to analyst estimates of $206.85 million. During the same quarter in the previous year, the business posted $0.88 earnings per share. The company’s revenue was up 9.6% on a year-over-year basis.

Community Financial System Stock Performance

Community Financial System stock opened at $56.24 on Thursday. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 14.49 and a beta of 0.77. Community Financial System has a 12 month low of $49.44 and a 12 month high of $73.39. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.76 and a quick ratio of 0.76. The stock’s 50-day moving average is $58.64 and its 200-day moving average is $56.75.

Community Financial System Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, January 12th. Shareholders of record on Friday, December 12th will be paid a dividend of $0.47 per share. The ex-dividend date is Friday, December 12th. This represents a $1.88 annualized dividend and a yield of 3.3%. Community Financial System’s dividend payout ratio is currently 51.23%.

Wall Street Analyst Weigh In

CBU has been the subject of several analyst reports. Wall Street Zen upgraded Community Financial System from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Community Financial System in a research note on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods reduced their target price on Community Financial System from $69.00 to $67.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $68.00.

Insider Buying and Selling

In other news, SVP Jeffrey M. Levy sold 1,440 shares of the stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $61.38, for a total value of $88,387.20. Following the completion of the sale, the senior vice president owned 6,657 shares of the company’s stock, valued at $408,606.66. This represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.01% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CBU. EverSource Wealth Advisors LLC boosted its position in shares of Community Financial System by 177.0% in the second quarter. EverSource Wealth Advisors LLC now owns 781 shares of the bank’s stock worth $44,000 after buying an additional 499 shares during the period. Strs Ohio acquired a new position in Community Financial System during the 1st quarter worth approximately $102,000. Benjamin Edwards Inc. boosted its holdings in Community Financial System by 12.0% in the 2nd quarter. Benjamin Edwards Inc. now owns 5,307 shares of the bank’s stock worth $302,000 after acquiring an additional 570 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in Community Financial System in the second quarter valued at approximately $308,000. Finally, Tower Research Capital LLC TRC grew its position in Community Financial System by 206.2% in the second quarter. Tower Research Capital LLC TRC now owns 6,474 shares of the bank’s stock valued at $368,000 after acquiring an additional 4,360 shares in the last quarter. 73.79% of the stock is owned by hedge funds and other institutional investors.

Community Financial System Company Profile

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.