Rhumbline Advisers trimmed its stake in Community Bank System, Inc. (NYSE:CBU – Free Report) by 0.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 173,198 shares of the bank’s stock after selling 1,657 shares during the quarter. Rhumbline Advisers owned 0.32% of Community Bank System worth $9,091,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Benjamin Edwards Inc. boosted its holdings in Community Bank System by 159.2% in the first quarter. Benjamin Edwards Inc. now owns 547 shares of the bank’s stock worth $29,000 after acquiring an additional 336 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in Community Bank System by 80.4% in the fourth quarter. Quadrant Capital Group LLC now owns 487 shares of the bank’s stock worth $31,000 after acquiring an additional 217 shares in the last quarter. Lazard Asset Management LLC bought a new stake in Community Bank System in the fourth quarter worth $31,000. Eagle Bay Advisors LLC bought a new stake in Community Bank System in the second quarter worth $32,000. Finally, Covestor Ltd boosted its holdings in Community Bank System by 82.8% in the first quarter. Covestor Ltd now owns 585 shares of the bank’s stock worth $41,000 after acquiring an additional 265 shares in the last quarter. 75.39% of the stock is owned by institutional investors.
Insider Buying and Selling at Community Bank System
In related news, COO Dimitar Karaivanov purchased 1,000 shares of the business’s stock in a transaction on Wednesday, August 16th. The stock was acquired at an average price of $48.50 per share, with a total value of $48,500.00. Following the completion of the acquisition, the chief operating officer now owns 14,265 shares of the company’s stock, valued at approximately $691,852.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.89% of the stock is currently owned by corporate insiders.
Community Bank System Stock Down 0.2 %
Community Bank System (NYSE:CBU – Get Free Report) last posted its quarterly earnings data on Monday, July 31st. The bank reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. The company had revenue of $176.34 million during the quarter, compared to analysts’ expectations of $180.63 million. Community Bank System had a return on equity of 12.59% and a net margin of 22.00%. As a group, sell-side analysts predict that Community Bank System, Inc. will post 3.45 EPS for the current year.
Community Bank System Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 3.79%. The ex-dividend date is Thursday, September 14th. This is a positive change from Community Bank System’s previous quarterly dividend of $0.44. Community Bank System’s payout ratio is currently 62.72%.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on CBU shares. Hovde Group upgraded Community Bank System from a “market perform” rating to an “outperform” rating in a research note on Wednesday, June 28th. StockNews.com started coverage on Community Bank System in a research note on Thursday, August 17th. They issued a “sell” rating for the company. Finally, Raymond James boosted their price target on Community Bank System from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Community Bank System currently has an average rating of “Hold” and an average price target of $59.83.
Read Our Latest Stock Analysis on Community Bank System
About Community Bank System
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 interest and noninterest -bearing checking, savings, and money market deposit accounts, as well as time deposits.
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