Northwestern Mutual Wealth Management Co. cut its stake in shares of Community Bank System, Inc. (NYSE:CBU – Get Rating) by 79.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,790 shares of the bank's stock after selling 6,791 shares during the quarter. Northwestern Mutual Wealth Management Co.'s holdings in Community Bank System were worth $126,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Canandaigua National Corp grew its holdings in shares of Community Bank System by 1.7% during the 1st quarter. Canandaigua National Corp now owns 27,300 shares of the bank's stock valued at $1,915,000 after purchasing an additional 445 shares during the last quarter. Toronto Dominion Bank grew its holdings in shares of Community Bank System by 42.9% during the 1st quarter. Toronto Dominion Bank now owns 18,291 shares of the bank's stock valued at $1,283,000 after purchasing an additional 5,491 shares during the last quarter. Swiss National Bank grew its holdings in shares of Community Bank System by 7.2% during the 1st quarter. Swiss National Bank now owns 127,500 shares of the bank's stock valued at $8,944,000 after purchasing an additional 8,600 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Community Bank System by 6.1% during the 1st quarter. Teacher Retirement System of Texas now owns 11,080 shares of the bank's stock valued at $777,000 after purchasing an additional 639 shares during the last quarter. Finally, Qube Research & Technologies Ltd bought a new stake in shares of Community Bank System during the 1st quarter valued at approximately $215,000. 75.12% of the stock is owned by institutional investors.
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Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the stock. StockNews.com raised shares of Community Bank System from a "sell" rating to a "hold" rating in a report on Thursday, August 11th. Piper Sandler lowered shares of Community Bank System from a "neutral" rating to an "underweight" rating and reduced their target price for the stock from $74.00 to $66.00 in a report on Monday, May 2nd. Finally, DA Davidson reissued a "neutral" rating on shares of Community Bank System in a report on Thursday, July 28th.
Community Bank System Trading Up 1.1 %
CBU opened at $68.13 on Friday. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of 21.16 and a beta of 0.67. Community Bank System, Inc. has a fifty-two week low of $60.94 and a fifty-two week high of $78.00. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.61 and a quick ratio of 0.61. The company's 50 day moving average price is $66.07 and its two-hundred day moving average price is $67.62.
Community Bank System (NYSE:CBU – Get Rating) last issued its quarterly earnings results on Monday, July 25th. The bank reported $0.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.81 by $0.04. The firm had revenue of $167.24 million for the quarter, compared to the consensus estimate of $162.37 million. Community Bank System had a net margin of 26.78% and a return on equity of 9.53%. As a group, research analysts predict that Community Bank System, Inc. will post 3.56 earnings per share for the current year.
Community Bank System Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, October 10th. Stockholders of record on Thursday, September 15th will be given a $0.44 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.58%. This is an increase from Community Bank System's previous quarterly dividend of $0.43. Community Bank System's payout ratio is 53.42%.
About Community Bank System
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Community Bank System, Inc operates as the bank holding company for Community Bank, N.A. that provides various banking and other financial services to retail, commercial, and municipal customers. It operates through three segments: Banking, Employee Benefit Services, and All Other. The company offers various deposits products, such as checking, savings, and money market deposit accounts, as well as time deposits.
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