Corient Private Wealth LP Makes New Investment in Community Financial System, Inc. $CBU

Corient Private Wealth LP purchased a new position in shares of Community Financial System, Inc. (NYSE:CBU) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 20,973 shares of the bank’s stock, valued at approximately $1,408,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC grew its holdings in shares of Community Financial System by 38.4% in the second 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. California State Teachers Retirement System lifted its holdings in Community Financial System by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 48,580 shares of the bank’s stock worth $2,763,000 after buying an additional 191 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in Community Financial System by 1.0% during the 2nd quarter. Lazard Asset Management LLC now owns 20,468 shares of the bank’s stock worth $1,164,000 after buying an additional 201 shares in the last quarter. Truist Financial Corp boosted its position in Community Financial System by 1.8% in the 4th quarter. Truist Financial Corp now owns 12,205 shares of the bank’s stock valued at $701,000 after buying an additional 215 shares during the period. Finally, Corient Private Wealth LLC boosted its position in Community Financial System by 2.4% in the 4th quarter. Corient Private Wealth LLC now owns 10,032 shares of the bank’s stock valued at $577,000 after buying an additional 231 shares during the period. Hedge funds and other institutional investors own 73.79% of the company’s stock.

Community Financial System Stock Up 0.8%

Shares of NYSE:CBU opened at $63.51 on Friday. Community Financial System, Inc. has a fifty-two week low of $53.46 and a fifty-two week high of $71.11. The firm’s 50 day moving average price is $65.70 and its 200 day moving average price is $63.24. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.29. The stock has a market cap of $3.34 billion, a price-to-earnings ratio of 14.74 and a beta of 0.77.

Community Financial System (NYSE:CBU) last posted its quarterly earnings results on Tuesday, July 28th. The bank reported $1.16 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.02). Community Financial System had a return on equity of 11.47% and a net margin of 21.79%.The firm had revenue of $218.45 million for the quarter, compared to analyst estimates of $221.77 million. During the same quarter last year, the firm earned $1.04 EPS. The company’s revenue was up 12.0% on a year-over-year basis. As a group, equities research analysts predict that Community Financial System, Inc. will post 4.58 earnings per share for the current fiscal year.

Community Financial System Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.49 per share. This is an increase from Community Financial System’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.96 annualized dividend and a dividend yield of 3.1%. Community Financial System’s dividend payout ratio is presently 43.62%.

Analysts Set New Price Targets

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

Insider Transactions at Community Financial System

In related news, Director Eric Stickels sold 2,000 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $63.98, for a total transaction of $127,960.00. Following the completion of the transaction, the director owned 31,592 shares in the company, valued at approximately $2,021,256.16. The trade was a 5.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Brenda M. Hall bought 476 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were purchased at an average price of $63.59 per share, with a total value of $30,268.84. Following the purchase, the director owned 515 shares of the company’s stock, valued at approximately $32,748.85. This represents a 1,220.51% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 1.15% of the company’s stock.

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.