Teacher Retirement System of Texas boosted its position in shares of Community Bank System Inc. (NYSE:CBU) by 44.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,454 shares of the company’s stock after buying an additional 5,685 shares during the period. Teacher Retirement System of Texas’ holdings in Community Bank System were worth $758,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Community Bank System during the fourth quarter worth $10,453,000. Public Employees Retirement Association of Colorado raised its position in shares of Community Bank System by 90.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 423,867 shares of the company’s stock worth $17,417,000 after buying an additional 201,500 shares in the last quarter. Emerald Acquisition Ltd. purchased a new position in shares of Community Bank System during the second quarter worth $4,985,000. Ameriprise Financial Inc. raised its position in shares of Community Bank System by 4.8% in the second quarter. Ameriprise Financial Inc. now owns 904,995 shares of the company’s stock worth $37,189,000 after buying an additional 41,585 shares in the last quarter. Finally, Huntington Asset Advisors Inc. purchased a new position in shares of Community Bank System during the first quarter worth $810,000. 64.39% of the stock is currently owned by institutional investors and hedge funds.
Community Bank System Inc. (NYSE:CBU) traded down 0.06% during mid-day trading on Thursday, reaching $47.94. The company had a trading volume of 21,259 shares. The company has a market capitalization of $2.12 billion, a price-to-earnings ratio of 21.77 and a beta of 0.98. The firm’s 50 day moving average price is $46.63 and its 200-day moving average price is $41.97. Community Bank System Inc. has a 12 month low of $34.27 and a 12 month high of $48.19.
Community Bank System (NYSE:CBU) last announced its quarterly earnings results on Wednesday, July 20th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.02. The company earned $107.10 million during the quarter, compared to the consensus estimate of $106.66 million. Community Bank System had a return on equity of 8.64% and a net margin of 22.93%. Community Bank System’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.58 EPS. Equities research analysts anticipate that Community Bank System Inc. will post $2.31 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 10th. Shareholders of record on Thursday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.67%. This is an increase from Community Bank System’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Tuesday, September 13th. Community Bank System’s payout ratio is 58.18%.
CBU has been the topic of a number of research reports. Zacks Investment Research raised Community Bank System from a “sell” rating to a “hold” rating in a report on Monday, June 13th. Sandler O’Neill lowered Community Bank System from a “buy” rating to a “hold” rating in a report on Friday, July 22nd. Finally, Hovde Group increased their price objective on Community Bank System from $38.00 to $43.00 and gave the company a “market perform” rating in a report on Tuesday, July 26th. Five equities research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and an average target price of $41.50.
In other Community Bank System news, Director Nicholas A. Dicerbo sold 2,000 shares of Community Bank System stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $43.75, for a total transaction of $87,500.00. Following the completion of the sale, the director now directly owns 200,921 shares of the company’s stock, valued at approximately $8,790,293.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brian R. Ace sold 3,817 shares of Community Bank System stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $43.40, for a total value of $165,657.80. Following the sale, the director now directly owns 50,275 shares of the company’s stock, valued at $2,181,935. The disclosure for this sale can be found here. Company insiders own 3.48% of the company’s stock.
Community Bank System Company Profile
Community Bank System, Inc is a bank holding company. The Company owns two subsidiaries: Community Bank, N.A. (CBNA or the Bank) and Benefit Plans Administrative Services, Inc (BPAS). It operates in three segments: banking, employee benefit services, and All Other. The Banking segment provides lending and depository-related products and services to individuals, businesses and municipal enterprises.
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