Wells Fargo & Company MN cut its stake in shares of Community Bank System, Inc. (NYSE:CBU) by 9.3% during the first quarter, Holdings Channel reports. The fund owned 56,026 shares of the bank’s stock after selling 5,778 shares during the period. Wells Fargo & Company MN owned 0.13% of Community Bank System worth $3,081,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the stock. Glen Harbor Capital Management LLC acquired a new stake in Community Bank System during the first quarter valued at about $153,000. Quadrature Capital Ltd purchased a new position in Community Bank System during the fourth quarter worth $203,000. Franklin Resources Inc. purchased a new position in Community Bank System during the fourth quarter worth $247,000. Bank of Montreal Can raised its position in Community Bank System by 0.6% in the first quarter. Bank of Montreal Can now owns 4,182 shares of the bank’s stock worth $230,000 after buying an additional 25 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in Community Bank System by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 4,920 shares of the bank’s stock worth $270,000 after buying an additional 100 shares in the last quarter. 70.81% of the stock is owned by institutional investors and hedge funds.
Community Bank System, Inc. (NYSE CBU) opened at 57.05 on Friday. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 24.39 and a beta of 1.07. The firm’s 50-day moving average is $55.86 and its 200-day moving average is $57.47. Community Bank System, Inc. has a 52-week low of $38.20 and a 52-week high of $63.04.
Community Bank System (NYSE:CBU) last announced its quarterly earnings data on Monday, April 24th. The bank reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. Community Bank System had a net margin of 23.62% and a return on equity of 8.84%. The company had revenue of $111.60 million during the quarter, compared to the consensus estimate of $109.43 million. During the same quarter last year, the firm posted $0.55 EPS. The company’s quarterly revenue was up 6.1% on a year-over-year basis. Analysts forecast that Community Bank System, Inc. will post $2.45 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 10th. Stockholders of record on Thursday, June 15th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend is Tuesday, June 13th. Community Bank System’s dividend payout ratio (DPR) is presently 54.47%.
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A number of research analysts have weighed in on CBU shares. DA Davidson started coverage on shares of Community Bank System in a research report on Monday, March 6th. They set a “neutral” rating and a $60.00 target price for the company. Royal Bank Of Canada boosted their target price on shares of Community Bank System from $41.00 to $56.00 and gave the stock a “sector perform” rating in a research report on Tuesday, May 16th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The company has a consensus rating of “Hold” and an average price target of $54.25.
In other news, Director Edward S. Mucenski sold 3,000 shares of Community Bank System stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $57.96, for a total value of $173,880.00. Following the completion of the transaction, the director now owns 3,186 shares of the company’s stock, valued at approximately $184,660.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.20% 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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