Handelsbanken Fonder AB Raises Position in Community Bank System, Inc. (NYSE:CBU)

Handelsbanken Fonder AB lifted its holdings in Community Bank System, Inc. (NYSE:CBU) by 12.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,816 shares of the bank’s stock after purchasing an additional 1,300 shares during the quarter. Handelsbanken Fonder AB’s holdings in Community Bank System were worth $729,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Versant Capital Management Inc boosted its holdings in Community Bank System by 99.2% in the fourth quarter. Versant Capital Management Inc now owns 478 shares of the bank’s stock worth $29,000 after acquiring an additional 238 shares in the last quarter. KBC Group NV boosted its stake in Community Bank System by 23.6% in the 3rd quarter. KBC Group NV now owns 1,816 shares of the bank’s stock worth $105,000 after purchasing an additional 347 shares in the last quarter. Principal Securities Inc. grew its position in Community Bank System by 13.7% during the 4th quarter. Principal Securities Inc. now owns 1,774 shares of the bank’s stock worth $109,000 after purchasing an additional 214 shares during the last quarter. Stone House Investment Management LLC increased its stake in Community Bank System by 51.0% during the 3rd quarter. Stone House Investment Management LLC now owns 2,360 shares of the bank’s stock valued at $137,000 after purchasing an additional 797 shares in the last quarter. Finally, Geneos Wealth Management Inc. purchased a new position in shares of Community Bank System in the fourth quarter worth $141,000. 73.79% of the stock is owned by institutional investors and hedge funds.

Community Bank System Stock Up 0.2 %

NYSE:CBU opened at $63.23 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.76 and a quick ratio of 0.76. The company’s fifty day moving average price is $63.66 and its 200-day moving average price is $62.69. Community Bank System, Inc. has a 1-year low of $41.50 and a 1-year high of $73.39. The firm has a market capitalization of $3.32 billion, a P/E ratio of 18.38 and a beta of 0.67.

Community Bank System (NYSE:CBU) last announced its quarterly earnings results on Tuesday, January 21st. The bank reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.04. The company had revenue of $196.30 million for the quarter, compared to the consensus estimate of $190.95 million. Community Bank System had a return on equity of 10.94% and a net margin of 19.40%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the firm earned $0.76 EPS. As a group, equities research analysts anticipate that Community Bank System, Inc. will post 4.18 EPS for the current year.

Community Bank System Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Friday, March 14th will be given a $0.46 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.84 annualized dividend and a yield of 2.91%. Community Bank System’s dividend payout ratio is presently 53.49%.

Insider Transactions at Community Bank System

In other news, SVP Jeffrey M. Levy sold 1,136 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $65.98, for a total transaction of $74,953.28. Following the sale, the senior vice president now directly owns 6,539 shares of the company’s stock, valued at $431,443.22. This represents a 14.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.89% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CBU. Keefe, Bruyette & Woods boosted their price objective on shares of Community Bank System from $74.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, January 22nd. Piper Sandler initiated coverage on Community Bank System in a research note on Thursday, December 5th. They set a “neutral” rating and a $70.00 price target on the stock.

Community Bank System Company 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, institutional, and municipal customers. It operates through three segments: Banking, Employee Benefit Services, and All Other. The company offers various deposits products, such as interest and noninterest -bearing checking, savings, and money market deposit accounts, as well as time deposits.