Citigroup Inc. Buys 6,351 Shares of Community Bank System, Inc. (NYSE:CBU)

Posted by AM Reporter Staff on May 26th, 2023

Citigroup Inc. increased its stake in Community Bank System, Inc. (NYSE:CBU – Get Rating) by 24.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,527 shares of the bank’s stock after buying an additional 6,351 shares during the quarter. Citigroup Inc. owned about 0.06% of Community Bank System worth $2,048,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Eagle Bay Advisors LLC bought a new stake in shares of Community Bank System during the second quarter worth $32,000. Covestor Ltd lifted its position in shares of Community Bank System by 82.8% during the first quarter. Covestor Ltd now owns 585 shares of the bank’s stock worth $41,000 after purchasing an additional 265 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Community Bank System during the second quarter worth $104,000. Van ECK Associates Corp lifted its position in shares of Community Bank System by 13.5% during the fourth quarter. Van ECK Associates Corp now owns 1,703 shares of the bank’s stock worth $107,000 after purchasing an additional 202 shares during the last quarter. Finally, Rockefeller Capital Management L.P. lifted its position in shares of Community Bank System by 686.0% during the third quarter. Rockefeller Capital Management L.P. now owns 1,965 shares of the bank’s stock worth $118,000 after purchasing an additional 1,715 shares during the last quarter. 71.78% of the stock is currently owned by institutional investors.

Insider Transactions at Community Bank System

In other news, Director Brian R. Ace sold 4,148 shares of the business’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $60.54, for a total transaction of $251,119.92. Following the sale, the director now owns 63,011 shares in the company, valued at $3,814,685.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Community Bank System news, Director Sally A. Steele purchased 2,000 shares of the company’s stock in a transaction dated Wednesday, March 15th. The shares were acquired at an average price of $53.46 per share, for a total transaction of $106,920.00. Following the completion of the purchase, the director now owns 4,585 shares of the company’s stock, valued at $245,114.10. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Brian R. Ace sold 4,148 shares of the business’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $60.54, for a total value of $251,119.92. Following the sale, the director now owns 63,011 shares in the company, valued at approximately $3,814,685.94. The disclosure for this sale can be found here. Insiders own 1.89% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Piper Sandler decreased their target price on Community Bank System from $54.00 to $50.00 in a research report on Wednesday, April 26th. StockNews.com initiated coverage on Community Bank System in a report on Thursday, March 16th. They issued a “sell” rating for the company. TheStreet downgraded Community Bank System from a “b-” rating to a “c+” rating in a report on Tuesday, April 11th. Janney Montgomery Scott initiated coverage on Community Bank System in a report on Tuesday, March 14th. They issued a “buy” rating and a $66.00 price objective for the company. Finally, Keefe, Bruyette & Woods decreased their price objective on Community Bank System from $64.00 to $57.00 and set a “market perform” rating for the company in a report on Thursday, April 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $59.80.

Community Bank System Price Performance

CBU opened at $48.65 on Friday. The business’s 50-day moving average is $49.28 and its two-hundred day moving average is $57.07. Community Bank System, Inc. has a 1 year low of $44.26 and a 1 year high of $72.86. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a market capitalization of $2.61 billion, a PE ratio of 17.95 and a beta of 0.61.

Community Bank System Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 10th. Stockholders of record on Thursday, June 15th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.62%. Community Bank System’s payout ratio is 64.94%.

Community Bank System Profile

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Community Bank System, Inc is a holding company, which engages in the provision of retail, business, and municipal banking services. It operates through the following segments: Banking, Employee Benefit Services, and All Other. The Banking segment offers lending and depository-related products and services to individuals, businesses, and municipal enterprises.