State of Tennessee Treasury Department boosted its position in shares of Community Bank System, Inc. (NYSE:CBU – Get Rating) by 11.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,642 shares of the bank's stock after purchasing an additional 2,635 shares during the period. State of Tennessee Treasury Department's holdings in Community Bank System were worth $1,869,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of CBU. Lazard Asset Management LLC acquired a new stake in Community Bank System during the fourth quarter valued at $29,000. CWM LLC lifted its position in shares of Community Bank System by 683.9% in the first quarter. CWM LLC now owns 439 shares of the bank's stock worth $31,000 after buying an additional 383 shares during the last quarter. Gemmer Asset Management LLC lifted its position in shares of Community Bank System by 115.2% in the first quarter. Gemmer Asset Management LLC now owns 609 shares of the bank's stock worth $42,000 after buying an additional 326 shares during the last quarter. US Asset Management LLC acquired a new stake in shares of Community Bank System in the first quarter worth about $165,000. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of Community Bank System in the first quarter worth about $215,000. Institutional investors and hedge funds own 75.12% of the company's stock.
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Analyst Upgrades and Downgrades
A number of analysts have weighed in on the company. Piper Sandler cut Community Bank System from a "neutral" rating to an "underweight" rating and reduced their price target for the stock from $74.00 to $66.00 in a research report on Monday, May 2nd. StockNews.com raised Community Bank System from a "sell" rating to a "hold" rating in a research report on Thursday, August 11th. Finally, DA Davidson reiterated a "neutral" rating on shares of Community Bank System in a research note on Thursday, July 28th.
Community Bank System Trading Down 0.8 %
Community Bank System stock opened at $67.56 on Monday. Community Bank System, Inc. has a 52 week low of $60.94 and a 52 week high of $78.00. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.61 and a current ratio of 0.61. The firm has a market capitalization of $3.63 billion, a PE ratio of 20.98 and a beta of 0.67. The business's 50-day simple moving average is $66.19 and its 200-day simple moving average is $67.55.
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, beating the consensus estimate of $0.81 by $0.04. Community Bank System had a return on equity of 9.53% and a net margin of 26.78%. The firm had revenue of $167.24 million for the quarter, compared to analyst estimates of $162.37 million. Equities research analysts forecast that Community Bank System, Inc. will post 3.56 earnings per share for the current year.
Community Bank System Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 10th. Stockholders of record on Thursday, September 15th will be paid a $0.44 dividend. This is a positive change from Community Bank System's previous quarterly dividend of $0.43. This represents a $1.76 annualized dividend and a dividend yield of 2.61%. The ex-dividend date is Wednesday, September 14th. Community Bank System's dividend payout ratio is currently 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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