Citigroup Inc. Lowers Stock Position in Community Financial System, Inc. $CBU

Citigroup Inc. cut its stake in shares of Community Financial System, Inc. (NYSE:CBU) by 36.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 47,237 shares of the bank’s stock after selling 27,541 shares during the quarter. Citigroup Inc. owned 0.09% of Community Financial System worth $2,770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Community Financial System during the 2nd quarter valued at $34,546,000. Basswood Capital Management L.L.C. bought a new stake in shares of Community Financial System during the 2nd quarter worth $15,185,000. FJ Capital Management LLC grew its position 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 worth $15,366,000 after acquiring an additional 165,069 shares in the last quarter. Jane Street Group LLC increased its stake in Community Financial System by 523.4% in the first quarter. Jane Street Group LLC now owns 145,719 shares of the bank’s stock valued at $8,286,000 after acquiring an additional 122,343 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its stake in Community Financial System by 25.3% in the second quarter. Balyasny Asset Management L.P. now owns 354,906 shares of the bank’s stock valued at $20,184,000 after acquiring an additional 71,631 shares during the last quarter. Hedge funds and other institutional investors own 73.79% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Janney Montgomery Scott cut Community Financial System from a “buy” rating to a “neutral” rating in a report on Tuesday, January 13th. Wall Street Zen cut Community Financial System from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. Piper Sandler assumed coverage on Community Financial System in a research report on Wednesday, December 3rd. They issued a “neutral” rating and a $62.00 target price for the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Community Financial System in a research report on Monday, December 29th. Finally, DA Davidson assumed coverage on shares of Community Financial System in a research note on Wednesday, February 25th. They set a “neutral” rating and a $72.00 price target on the stock. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Community Financial System has an average rating of “Hold” and an average target price of $66.67.

Insider Buying and Selling at Community Financial System

In related news, Director Eric Stickels sold 2,000 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $64.75, for a total transaction of $129,500.00. Following the transaction, the director owned 33,342 shares in the company, valued at $2,158,894.50. The trade was a 5.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Maureen A. Gillan-Myer sold 3,450 shares of the stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $58.85, for a total transaction of $203,032.50. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 9,696 shares of company stock valued at $609,244. 1.01% of the stock is currently owned by company insiders.

Community Financial System Price Performance

Shares of Community Financial System stock opened at $58.99 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.76 and a quick ratio of 0.76. The business’s 50 day simple moving average is $62.40 and its two-hundred day simple moving average is $59.65. The stock has a market capitalization of $3.11 billion, a P/E ratio of 14.86 and a beta of 0.80. Community Financial System, Inc. has a one year low of $49.44 and a one year high of $67.50.

Community Financial System (NYSE:CBU) last released its quarterly earnings data on Tuesday, January 27th. The bank reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.01). Community Financial System had a net margin of 20.82% and a return on equity of 11.09%. The company had revenue of $215.56 million for the quarter, compared to analysts’ expectations of $212.85 million. During the same period last year, the company posted $0.94 EPS. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. Analysts forecast that Community Financial System, Inc. will post 4.18 EPS for the current year.

Community Financial System Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Monday, March 16th will be issued a $0.47 dividend. The ex-dividend date is Monday, March 16th. This represents a $1.88 annualized dividend and a yield of 3.2%. Community Financial System’s payout ratio is 47.36%.

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.