Mark J. Bolus, a director at Community Financial System, Inc. (NYSE:CBU), recently reported significant stock transactions. On November 6, Bolus sold a total of 4,092 shares of common stock, generating approximately $286,685. The sales were executed at prices ranging from $69.54 to $70.66 per share.
In addition to the sales, Bolus exercised stock options to acquire 4,092 shares at prices between $35.36 and $38.02 per share, totaling $150,340. Following these transactions, Bolus holds 98,927.55 shares directly.
In other recent news, Community Bank System (NYSE:CBU) has showcased steady growth in its third-quarter earnings. According to recent reports, the bank's pre-provision net revenue (PPNR) rose to $1.29 per share, marking an 11.2% increase year-over-year, and earnings per share (EPS) slightly increased to $0.83. Despite a small decrease from the previous quarter, the earnings were influenced by an increased provision for credit losses and a rise in performance-based compensation expenses.
On the revenue front, Community Bank System reported total operating revenues of $189.1 million, a 7.8% increase year-over-year. The bank's three fee-based businesses—Employee Benefits, Insurance, and Wealth Management—were highlighted as contributors to the strong growth outlook. These divisions are expected to continue to bolster the bank's overall financial performance.
In terms of analyst expectations, Raymond (NS:RYMD) James recently upgraded the bank's shares from Market Perform to Strong Buy, setting a price target of $67.00. This upgrade reflects a positive shift in the analyst's outlook for the bank's financial future, especially considering the anticipated revenue growth and expansion of the bank's fee-based services.
In terms of future plans, Community Bank System is actively pursuing expansion with the opening of its first new branch in Syracuse and 17 more locations in progress. The bank maintains a positive outlook for the future, with plans for continued organic growth across all business segments and strategic investments to enhance shareholder value.
InvestingPro Insights
Community Bank System, Inc. (NYSE:CBU) has been demonstrating strong financial performance, which may provide context for the recent insider transactions. According to InvestingPro data, the company's stock has shown impressive returns, with a 72.07% price total return over the past year and a substantial 54.41% return in the last six months. This positive momentum is further reflected in the stock's current price, which stands at 95.09% of its 52-week high.
The company's financial health is underscored by its consistent dividend payments. An InvestingPro Tip reveals that Community Bank System has raised its dividend for 27 consecutive years, showcasing a commitment to shareholder returns. This is particularly noteworthy given the company's current dividend yield of 2.6%.
Despite the recent insider sale by Director Mark J. Bolus, the company's fundamentals appear solid. Community Bank System boasts a market capitalization of $3.57 billion and a P/E ratio of 20.59, indicating investor confidence in its earnings potential. Additionally, another InvestingPro Tip highlights that three analysts have revised their earnings upwards for the upcoming period, suggesting positive expectations for the company's financial performance.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Community Bank System, providing deeper insights into the company's financial outlook and market position.
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