Weiss Asset Management LP Acquires New Stake in Community Bank System, Inc. (NYSE:CBU)

Weiss Asset Management LP acquired a new position in Community Bank System, Inc. (NYSE:CBU - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 7,536 shares of the bank's stock, valued at approximately $438,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its stake in shares of Community Bank System by 8.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,770,648 shares of the bank's stock valued at $83,588,000 after purchasing an additional 142,909 shares during the last quarter. Federated Hermes Inc. raised its position in shares of Community Bank System by 6.8% in the 2nd quarter. Federated Hermes Inc. now owns 691,879 shares of the bank's stock worth $32,664,000 after acquiring an additional 44,137 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Community Bank System by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 652,991 shares of the bank's stock worth $37,919,000 after acquiring an additional 9,863 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Community Bank System by 164.9% in the 2nd quarter. Victory Capital Management Inc. now owns 213,167 shares of the bank's stock valued at $10,064,000 after purchasing an additional 132,697 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in Community Bank System by 152.9% during the second quarter. Assenagon Asset Management S.A. now owns 182,397 shares of the bank's stock worth $8,611,000 after purchasing an additional 110,288 shares during the period. 73.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Community Bank System

In other Community Bank System news, Director John F. Whipple sold 3,937 shares of the company's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $73.10, for a total value of $287,794.70. Following the completion of the transaction, the director now owns 5,823 shares in the company, valued at $425,661.30. This represents a 40.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.78% of the stock is owned by insiders.

Community Bank System Stock Up 0.4 %

CBU stock traded up $0.25 during midday trading on Tuesday, reaching $67.94. 188,487 shares of the company's stock traded hands, compared to its average volume of 277,799. Community Bank System, Inc. has a 52 week low of $41.50 and a 52 week high of $73.39. The company has a market cap of $3.57 billion, a price-to-earnings ratio of 21.09 and a beta of 0.65. The firm's fifty day moving average price is $64.10 and its 200-day moving average price is $57.33. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.35.

Community Bank System (NYSE:CBU - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.05). The business had revenue of $188.94 million during the quarter, compared to the consensus estimate of $186.35 million. Community Bank System had a net margin of 18.82% and a return on equity of 10.52%. Community Bank System's revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.82 EPS. As a group, sell-side analysts forecast that Community Bank System, Inc. will post 3.39 earnings per share for the current fiscal year.

Community Bank System Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 13th will be issued a dividend of $0.46 per share. The ex-dividend date is Friday, December 13th. This represents a $1.84 annualized dividend and a yield of 2.71%. Community Bank System's dividend payout ratio (DPR) is currently 57.32%.

Analysts Set New Price Targets

Several analysts have recently commented on CBU shares. Keefe, Bruyette & Woods raised their price objective on shares of Community Bank System from $64.00 to $74.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th. Piper Sandler began coverage on shares of Community Bank System in a research note on Thursday, December 5th. They issued a "neutral" rating and a $70.00 price target for the company. Finally, Raymond James raised shares of Community Bank System from a "market perform" rating to a "strong-buy" rating and set a $67.00 price objective on the stock in a research report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $65.25.

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, 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.