Crossmark Global Holdings Inc. acquired a new stake in Community Bank System, Inc. (NYSE:CBU) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 9,705 shares of the bank’s stock, valued at approximately $536,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp raised its holdings in Community Bank System by 69.6% during the 2nd quarter. State Street Corp now owns 5,020,816 shares of the bank’s stock worth $280,008,000 after purchasing an additional 2,059,920 shares during the last quarter. BlackRock Inc. raised its holdings in Community Bank System by 11.2% during the 2nd quarter. BlackRock Inc. now owns 6,034,186 shares of the bank’s stock worth $336,527,000 after purchasing an additional 609,319 shares during the last quarter. Vanguard Group Inc. raised its holdings in Community Bank System by 7.9% during the 2nd quarter. Vanguard Group Inc. now owns 4,808,411 shares of the bank’s stock worth $268,165,000 after purchasing an additional 353,538 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Community Bank System by 175.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 153,449 shares of the bank’s stock worth $8,558,000 after purchasing an additional 97,732 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Community Bank System by 6.8% during the 2nd quarter. Northern Trust Corp now owns 1,459,745 shares of the bank’s stock worth $81,410,000 after buying an additional 92,700 shares during the period. Institutional investors and hedge funds own 69.21% of the company’s stock.
Several brokerages have recently commented on CBU. Zacks Investment Research downgraded shares of Community Bank System from a “buy” rating to a “hold” rating in a research report on Thursday, October 26th. DA Davidson set a $55.00 price objective on shares of Community Bank System and gave the stock a “hold” rating in a research report on Tuesday, October 24th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $54.00 price objective on shares of Community Bank System in a research report on Friday, October 13th. Finally, BidaskClub downgraded shares of Community Bank System from a “sell” rating to a “strong sell” rating in a research report on Monday, August 14th. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Community Bank System presently has an average rating of “Hold” and a consensus target price of $55.20.
In other news, Director R Kallet Michael sold 5,000 shares of Community Bank System stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $53.00, for a total transaction of $265,000.00. Following the sale, the director now directly owns 11,603 shares in the company, valued at approximately $614,959. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brian R. Ace sold 5,457 shares of Community Bank System stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $53.35, for a total value of $291,130.95. Following the sale, the director now owns 55,647 shares in the company, valued at $2,968,767.45. The disclosure for this sale can be found here. Insiders have sold a total of 27,957 shares of company stock worth $1,507,931 over the last ninety days. Insiders own 3.20% of the company’s stock.
Community Bank System, Inc. (NYSE CBU) traded up $1.28 during midday trading on Monday, reaching $56.27. 340,274 shares of the company traded hands, compared to its average volume of 261,901. Community Bank System, Inc. has a twelve month low of $48.89 and a twelve month high of $63.04. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.08. The firm has a market cap of $2,783.00, a P/E ratio of 20.29, a P/E/G ratio of 2.11 and a beta of 1.07.
Community Bank System (NYSE:CBU) last posted its quarterly earnings results on Monday, October 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.06. The business had revenue of $137.30 million during the quarter, compared to the consensus estimate of $138.74 million. Community Bank System had a net margin of 21.00% and a return on equity of 9.22%. Community Bank System’s revenue was up 26.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.61 EPS. sell-side analysts anticipate that Community Bank System, Inc. will post 2.61 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Friday, December 15th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date is Thursday, December 14th. Community Bank System’s dividend payout ratio is 62.10%.
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About Community Bank System
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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