Anchor Capital Advisors LLC lifted its holdings in shares of Community Bank System, Inc. (NYSE:CBU) by 58.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,466 shares of the bank’s stock after buying an additional 17,092 shares during the quarter. Anchor Capital Advisors LLC’s holdings in Community Bank System were worth $2,745,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Envestnet Asset Management Inc. grew its position in shares of Community Bank System by 60.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 2,659 shares of the bank’s stock worth $144,000 after buying an additional 999 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Community Bank System during the 1st quarter worth approximately $189,000. Clean Yield Group acquired a new stake in shares of Community Bank System during the 2nd quarter worth approximately $212,000. Strs Ohio grew its position in shares of Community Bank System by 29.0% during the 2nd quarter. Strs Ohio now owns 4,000 shares of the bank’s stock worth $236,000 after buying an additional 900 shares during the period. Finally, Zeke Capital Advisors LLC acquired a new stake in shares of Community Bank System during the 1st quarter worth approximately $246,000. Institutional investors own 69.79% of the company’s stock.
Shares of NYSE CBU opened at $65.33 on Friday. The company has a market cap of $3.25 billion, a P/E ratio of 23.42, a PEG ratio of 2.41 and a beta of 1.00. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.08. Community Bank System, Inc. has a 52-week low of $48.89 and a 52-week high of $65.58.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 10th. Investors of record on Friday, September 14th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.33%. This is a boost from Community Bank System’s previous quarterly dividend of $0.34. Community Bank System’s payout ratio is currently 48.75%.
In other Community Bank System news, Director Eric Stickels sold 13,075 shares of Community Bank System stock in a transaction that occurred on Monday, May 21st. The shares were sold at an average price of $60.26, for a total value of $787,899.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Joseph F. Serbun sold 2,681 shares of Community Bank System stock in a transaction that occurred on Friday, June 29th. The shares were sold at an average price of $59.73, for a total transaction of $160,136.13. Following the completion of the transaction, the executive vice president now directly owns 8,309 shares in the company, valued at approximately $496,296.57. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,449 shares of company stock valued at $1,171,056. Corporate insiders own 2.34% of the company’s stock.
CBU has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of Community Bank System from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a report on Monday, July 30th. ValuEngine upgraded shares of Community Bank System from a “hold” rating to a “buy” rating in a report on Tuesday, July 24th. Royal Bank of Canada restated a “hold” rating and set a $59.00 price objective on shares of Community Bank System in a report on Thursday, April 26th. Boenning Scattergood restated a “hold” rating on shares of Community Bank System in a report on Monday, July 23rd. Finally, Hovde Group cut shares of Community Bank System from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 24th. Eight research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and an average price target of $60.60.
Community Bank System Profile
Community Bank System, Inc operates as the bank holding company for Community Bank, N.A. that provides various banking and 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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