Hanson & Doremus Investment Management reduced its position in Community Bank System, Inc. (NYSE:CBU) by 5.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 13,931 shares of the bank’s stock after selling 805 shares during the period. Hanson & Doremus Investment Management’s holdings in Community Bank System were worth $988,000 as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of CBU. Nuveen Asset Management LLC acquired a new stake in Community Bank System in the 2nd quarter valued at about $13,606,000. Balyasny Asset Management LLC boosted its holdings in shares of Community Bank System by 1,601.4% during the second quarter. Balyasny Asset Management LLC now owns 206,378 shares of the bank’s stock worth $13,588,000 after acquiring an additional 194,248 shares during the period. Morgan Stanley boosted its holdings in shares of Community Bank System by 120.7% during the second quarter. Morgan Stanley now owns 326,024 shares of the bank’s stock worth $21,465,000 after acquiring an additional 178,280 shares during the period. BlackRock Inc. grew its position in shares of Community Bank System by 1.1% in the second quarter. BlackRock Inc. now owns 7,622,990 shares of the bank’s stock valued at $501,897,000 after purchasing an additional 81,588 shares during the last quarter. Finally, California Public Employees Retirement System grew its position in shares of Community Bank System by 51.6% in the third quarter. California Public Employees Retirement System now owns 120,319 shares of the bank’s stock valued at $7,422,000 after purchasing an additional 40,968 shares during the last quarter. Institutional investors and hedge funds own 71.00% of the company’s stock.
In other news, Director R Kallet Michael sold 1,500 shares of Community Bank System stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $69.23, for a total transaction of $103,845.00. Following the completion of the sale, the director now owns 49,909 shares of the company’s stock, valued at $3,455,200.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Joseph F. Serbun sold 7,342 shares of Community Bank System stock in a transaction on Monday, November 11th. The stock was sold at an average price of $68.59, for a total value of $503,587.78. Following the sale, the executive vice president now directly owns 14,599 shares of the company’s stock, valued at approximately $1,001,345.41. The disclosure for this sale can be found here. Insiders have sold 13,342 shares of company stock valued at $911,723 in the last three months. Insiders own 2.15% of the company’s stock.
Shares of CBU traded up $0.46 during midday trading on Thursday, reaching $71.48. 5,379 shares of the stock were exchanged, compared to its average volume of 229,627. Community Bank System, Inc. has a twelve month low of $56.58 and a twelve month high of $71.62. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.05. The company has a market cap of $3.69 billion, a P/E ratio of 21.20 and a beta of 1.01. The stock’s 50 day simple moving average is $69.70 and its 200 day simple moving average is $65.55.
Community Bank System (NYSE:CBU) last posted its earnings results on Monday, October 21st. The bank reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.03. Community Bank System had a return on equity of 9.86% and a net margin of 27.57%. The company had revenue of $148.40 million during the quarter, compared to the consensus estimate of $150.53 million. During the same quarter last year, the firm earned $0.81 earnings per share. The company’s revenue was up 4.5% on a year-over-year basis. As a group, analysts predict that Community Bank System, Inc. will post 3.24 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 13th were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date was Thursday, December 12th. Community Bank System’s dividend payout ratio is currently 48.66%.
Separately, Zacks Investment Research raised Community Bank System from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd.
Community Bank System Profile
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 accounts, as well as time deposits.
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