State Street Corp Trims Stake in Community Bank System, Inc. (NYSE:CBU)

State Street Corp lessened its holdings in shares of Community Bank System, Inc. (NYSE:CBU) by 9.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,287,276 shares of the bank’s stock after selling 356,578 shares during the period. State Street Corp owned about 0.06% of Community Bank System worth $192,464,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Stifel Financial Corp boosted its holdings in Community Bank System by 3.7% during the 3rd quarter. Stifel Financial Corp now owns 30,751 shares of the bank’s stock valued at $1,786,000 after acquiring an additional 1,085 shares during the period. Harbor Advisors LLC bought a new stake in shares of Community Bank System during the third quarter worth $236,000. Holocene Advisors LP bought a new stake in shares of Community Bank System during the third quarter worth $484,000. Centiva Capital LP purchased a new stake in shares of Community Bank System during the third quarter valued at $571,000. Finally, Benjamin Edwards Inc. grew its holdings in shares of Community Bank System by 33.2% in the third quarter. Benjamin Edwards Inc. now owns 4,576 shares of the bank’s stock worth $266,000 after purchasing an additional 1,140 shares during the last quarter. Institutional investors own 73.79% of the company’s stock.

Community Bank System Trading Down 1.9 %

NYSE CBU opened at $67.27 on Friday. Community Bank System, Inc. has a one year low of $41.50 and a one year high of $73.39. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of 20.96 and a beta of 0.65. The company’s 50-day simple moving average is $64.76 and its two-hundred day simple moving average is $57.63.

Community Bank System (NYSE:CBU) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.05). The business had revenue of $188.94 million for the quarter, compared to analysts’ expectations of $186.35 million. Community Bank System had a net margin of 18.82% and a return on equity of 10.52%. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.82 earnings per share. Equities analysts forecast that Community Bank System, Inc. will post 3.39 EPS for the current fiscal year.

Community Bank System Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 13th will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, December 13th. Community Bank System’s payout ratio is 57.32%.

Insider Buying and Selling

In related news, Director John F. Whipple sold 3,937 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $73.10, for a total transaction of $287,794.70. Following the completion of the transaction, the director now owns 5,823 shares in the company, valued at $425,661.30. The trade was a 40.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.78% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CBU has been the subject of several research reports. Piper Sandler began coverage on shares of Community Bank System in a research report on Thursday, December 5th. They issued a “neutral” rating and a $70.00 price objective for the company. Keefe, Bruyette & Woods boosted their price target on Community Bank System from $64.00 to $74.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Finally, Raymond James upgraded Community Bank System from a “market perform” rating to a “strong-buy” rating and set a $67.00 price objective on the stock in a report on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Community Bank System presently has a consensus rating of “Hold” and a consensus target price of $65.25.

Community Bank System Company 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, institutional, 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.