Wells Fargo & Company MN reduced its stake in Community Bank System, Inc. (NYSE:CBU) by 5.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 107,757 shares of the bank’s stock after selling 5,750 shares during the quarter. Wells Fargo & Company MN’s holdings in Community Bank System were worth $7,095,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of CBU. Toronto Dominion Bank lifted its holdings in shares of Community Bank System by 81.4% in the 1st quarter. Toronto Dominion Bank now owns 987 shares of the bank’s stock worth $59,000 after acquiring an additional 443 shares during the last quarter. Diversified Trust Co acquired a new position in shares of Community Bank System in the 2nd quarter worth approximately $221,000. Bank of Montreal Can lifted its holdings in shares of Community Bank System by 24.0% in the 1st quarter. Bank of Montreal Can now owns 5,294 shares of the bank’s stock worth $317,000 after acquiring an additional 1,026 shares during the last quarter. Strs Ohio lifted its holdings in shares of Community Bank System by 22.2% in the 2nd quarter. Strs Ohio now owns 5,500 shares of the bank’s stock worth $362,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Crossmark Global Holdings Inc. lifted its holdings in shares of Community Bank System by 4.6% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 7,307 shares of the bank’s stock worth $481,000 after acquiring an additional 322 shares during the last quarter. Hedge funds and other institutional investors own 71.35% of the company’s stock.
In other Community Bank System news, Director Brian R. Ace sold 4,471 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $65.78, for a total transaction of $294,102.38. Following the sale, the director now directly owns 61,910 shares in the company, valued at approximately $4,072,439.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.15% of the stock is owned by corporate insiders.
Community Bank System stock traded up $0.02 during mid-day trading on Friday, reaching $65.61. 223,511 shares of the company’s stock were exchanged, compared to its average volume of 179,747. The company has a market cap of $3.41 billion, a P/E ratio of 19.47, a P/E/G ratio of 2.55 and a beta of 1.02. Community Bank System, Inc. has a twelve month low of $54.46 and a twelve month high of $67.79. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06. The company has a fifty day moving average of $62.15 and a 200-day moving average of $63.26.
Community Bank System (NYSE:CBU) last released its earnings results on Monday, July 22nd. The bank reported $0.80 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.80. The company had revenue of $149.00 million for the quarter, compared to analyst estimates of $144.08 million. Community Bank System had a net margin of 28.64% and a return on equity of 10.10%. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.86 EPS. Equities research analysts expect that Community Bank System, Inc. will post 3.24 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.41 per share. The ex-dividend date of this dividend is Friday, September 13th. This is a positive change from Community Bank System’s previous quarterly dividend of $0.38. This represents a $1.64 dividend on an annualized basis and a yield of 2.50%. Community Bank System’s dividend payout ratio is 45.10%.
A number of equities research analysts have issued reports on the stock. Zacks Investment Research lowered shares of Community Bank System from a “hold” rating to a “sell” rating in a report on Tuesday, September 10th. ValuEngine lowered shares of Community Bank System from a “buy” rating to a “hold” rating in a report on Thursday, August 1st.
Community Bank System 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, 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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