State of Alaska Department of Revenue Grows Stake in Community Financial System, Inc. $CBU

State of Alaska Department of Revenue raised its stake in Community Financial System, Inc. (NYSE:CBU) by 7.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,462 shares of the bank’s stock after acquiring an additional 2,279 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.06% of Community Financial System worth $1,788,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CBU. Mackenzie Financial Corp purchased a new position in Community Financial System in the fourth quarter valued at about $204,000. GAMMA Investing LLC lifted its stake in shares of Community Financial System by 14,655.4% during the 1st quarter. GAMMA Investing LLC now owns 17,854 shares of the bank’s stock valued at $1,015,000 after buying an additional 17,733 shares in the last quarter. Park Avenue Securities LLC lifted its stake in shares of Community Financial System by 18.0% during the 1st quarter. Park Avenue Securities LLC now owns 4,320 shares of the bank’s stock valued at $246,000 after buying an additional 660 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Community Financial System during the 1st quarter valued at approximately $1,147,000. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Community Financial System by 6.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 55,815 shares of the bank’s stock valued at $3,174,000 after buying an additional 3,294 shares in the last quarter. 73.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CBU has been the topic of a number of recent research reports. Keefe, Bruyette & Woods dropped their price target on shares of Community Financial System from $69.00 to $67.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 23rd. Wall Street Zen cut shares of Community Financial System from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Community Financial System in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $68.00.

Insider Activity at Community Financial System

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 transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.01% of the stock is owned by insiders.

Community Financial System Stock Up 1.6%

Shares of NYSE:CBU opened at $58.83 on Friday. The firm has a fifty day moving average price of $57.98 and a two-hundred day moving average price of $56.74. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.76 and a quick ratio of 0.76. Community Financial System, Inc. has a one year low of $49.44 and a one year high of $73.39. The company has a market cap of $3.11 billion, a price-to-earnings ratio of 16.03 and a beta of 0.77.

Community Financial System (NYSE:CBU) last issued its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.06). The company had revenue of $199.30 million during the quarter, compared to the consensus estimate of $201.93 million. Community Financial System had a return on equity of 10.71% and a net margin of 19.91%.Community Financial System’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.95 EPS. Analysts anticipate that Community Financial System, Inc. will post 4.18 EPS for the current fiscal year.

Community Financial System Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 12th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, September 12th. This is a positive change from Community Financial System’s previous quarterly dividend of $0.46. Community Financial System’s payout ratio is currently 51.23%.

Community Financial System 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.