Wells Fargo & Company MN lifted its position in Community Bank System, Inc. (NYSE:CBU) by 31.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,102 shares of the bank’s stock after buying an additional 19,258 shares during the period. Wells Fargo & Company MN owned approximately 0.16% of Community Bank System worth $4,481,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Community Bank System by 9.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,080 shares of the bank’s stock worth $116,000 after purchasing an additional 174 shares during the last quarter. Pacad Investment Ltd. bought a new stake in shares of Community Bank System in the second quarter worth about $139,000. SG Americas Securities LLC bought a new stake in shares of Community Bank System in the third quarter worth about $151,000. Riverhead Capital Management LLC increased its holdings in shares of Community Bank System by 104.4% in the second quarter. Riverhead Capital Management LLC now owns 2,862 shares of the bank’s stock worth $160,000 after purchasing an additional 1,462 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in Community Bank System by 17.6% in the second quarter. Victory Capital Management Inc. now owns 3,501 shares of the bank’s stock worth $195,000 after acquiring an additional 524 shares in the last quarter. Institutional investors own 69.19% of the company’s stock.
Shares of Community Bank System, Inc. (NYSE:CBU) opened at $55.39 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.72 and a current ratio of 0.72. Community Bank System, Inc. has a 12 month low of $48.89 and a 12 month high of $62.59. The stock has a market cap of $2,760.73, a PE ratio of 25.29, a PEG ratio of 1.88 and a beta of 1.08.
Community Bank System (NYSE:CBU) last posted its earnings results on Monday, October 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.06. Community Bank System had a net margin of 21.00% and a return on equity of 9.22%. The business had revenue of $137.30 million for the quarter, compared to analyst estimates of $138.74 million. During the same period in the prior year, the company posted $0.61 EPS. The company’s revenue for the quarter was up 26.7% on a year-over-year basis. research analysts predict that Community Bank System, Inc. will post 2.6 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, January 10th. Stockholders of record on Friday, December 15th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.46%. Community Bank System’s dividend payout ratio is currently 62.10%.
Several research analysts have issued reports on CBU shares. Zacks Investment Research downgraded shares of Community Bank System from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 2nd. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $54.00 price objective on shares of Community Bank System in a research note on Friday, October 13th. DA Davidson set a $55.00 price target on Community Bank System and gave the stock a “hold” rating in a research report on Tuesday, October 24th. They noted that the move was a valuation call. Finally, Sandler O’Neill raised Community Bank System from a “sell” rating to a “hold” rating in a research report on Thursday, December 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $55.80.
In related news, Director R Kallet Michael sold 7,500 shares of Community Bank System stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $56.38, for a total transaction of $422,850.00. Following the sale, the director now directly owns 4,103 shares in the company, valued at approximately $231,327.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brian D. Donahue sold 5,535 shares of Community Bank System stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $55.19, for a total transaction of $305,476.65. Following the sale, the executive vice president now owns 43,844 shares in the company, valued at $2,419,750.36. The disclosure for this sale can be found here. Insiders have sold a total of 15,440 shares of company stock valued at $862,488 in the last 90 days. Insiders own 3.20% of the company’s stock.
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About Community Bank System
Community Bank System, Inc is a bank holding company. The Company owns two subsidiaries: Community Bank, N.A. (CBNA or the Bank) and Benefit Plans Administrative Services, Inc (BPAS). It operates in three segments: banking, employee benefit services, and All Other. The Banking segment provides lending and depository-related products and services to individuals, businesses and municipal enterprises.
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