Federated Hermes Inc. Cuts Stake in Community Financial System, Inc. $CBU

Federated Hermes Inc. lessened its holdings in shares of Community Financial System, Inc. (NYSE:CBU) by 1.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 744,262 shares of the bank’s stock after selling 13,363 shares during the quarter. Federated Hermes Inc. owned about 1.41% of Community Financial System worth $43,644,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Farther Finance Advisors LLC increased its holdings in shares of Community Financial System by 841.6% in the second quarter. Farther Finance Advisors LLC now owns 1,403 shares of the bank’s stock worth $80,000 after purchasing an additional 1,254 shares during the last quarter. Norges Bank bought a new position in Community Financial System during the second quarter valued at approximately $34,546,000. Y Intercept Hong Kong Ltd grew its holdings in Community Financial System by 56.1% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 19,060 shares of the bank’s stock valued at $1,084,000 after buying an additional 6,850 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Community Financial System by 16.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 97,781 shares of the bank’s stock worth $5,561,000 after acquiring an additional 13,794 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Community Financial System by 1.0% during the 2nd quarter. Janney Montgomery Scott LLC now owns 50,920 shares of the bank’s stock worth $2,896,000 after acquiring an additional 514 shares in the last quarter. 73.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Community Financial System Price Performance

CBU stock opened at $62.46 on Friday. The stock has a market cap of $3.29 billion, a PE ratio of 15.73 and a beta of 0.79. Community Financial System, Inc. has a 12 month low of $49.44 and a 12 month high of $68.11. The company has a 50-day moving average price of $59.81 and a 200 day moving average price of $58.15. The company has a current ratio of 0.75, a quick ratio of 0.76 and a debt-to-equity ratio of 0.23.

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). Community Financial System had a return on equity of 11.09% and a net margin of 20.82%.The firm had revenue of $215.56 million during the quarter, compared to analysts’ expectations of $212.85 million. During the same period last year, the company earned $0.94 earnings per share. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. Equities research analysts anticipate that Community Financial System, Inc. will post 4.18 earnings per share for the current year.

Community Financial System Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Monday, March 16th will be issued a dividend of $0.47 per share. The ex-dividend date is Monday, March 16th. This represents a $1.88 dividend on an annualized basis and a yield of 3.0%. Community Financial System’s payout ratio is presently 47.36%.

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.