Cibc World Markets Corp Invests $302,000 in Community Bank System, Inc. (NYSE:CBU)

Cibc World Markets Corp purchased a new stake in shares of Community Bank System, Inc. (NYSE:CBU - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,895 shares of the bank's stock, valued at approximately $302,000.

Several other hedge funds have also made changes to their positions in CBU. Geode Capital Management LLC boosted its stake in shares of Community Bank System by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,208,859 shares of the bank's stock valued at $70,212,000 after buying an additional 8,751 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Community Bank System by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 661,317 shares of the bank's stock valued at $40,790,000 after buying an additional 8,326 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Community Bank System by 6.4% in the fourth quarter. Bank of New York Mellon Corp now owns 565,920 shares of the bank's stock worth $34,906,000 after buying an additional 34,143 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Community Bank System by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 254,869 shares of the bank's stock valued at $15,720,000 after purchasing an additional 7,160 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in Community Bank System by 699.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 144,817 shares of the bank's stock worth $8,932,000 after buying an additional 126,700 shares during the last quarter. Hedge funds and other institutional investors own 73.79% of the company's stock.

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Insider Transactions at Community Bank System

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

Community Bank System Stock Performance

Community Bank System stock traded down $1.15 during trading hours on Friday, hitting $56.72. The stock had a trading volume of 115,962 shares, compared to its average volume of 257,457. Community Bank System, Inc. has a fifty-two week low of $41.50 and a fifty-two week high of $73.39. The company has a market cap of $2.99 billion, a PE ratio of 16.49 and a beta of 0.66. The company has a 50-day moving average of $62.31 and a two-hundred day moving average of $62.56. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.42.

Community Bank System (NYSE:CBU - Get Free Report) last posted its quarterly earnings results on Tuesday, January 21st. The bank reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.04. The firm had revenue of $196.30 million during the quarter, compared to analyst estimates of $190.95 million. Community Bank System had a net margin of 19.40% and a return on equity of 10.94%. The company's quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.76 earnings per share. On average, equities research analysts anticipate that Community Bank System, Inc. will post 4.18 EPS for the current fiscal year.

Community Bank System Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 3.24%. The ex-dividend date of this dividend is Friday, March 14th. Community Bank System's payout ratio is 53.49%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Keefe, Bruyette & Woods raised their price objective on Community Bank System from $74.00 to $76.00 and gave the company a "market perform" rating in a research note on Wednesday, January 22nd. Piper Sandler assumed coverage on Community Bank System in a research report on Thursday, December 5th. They issued a "neutral" rating and a $70.00 price target on the stock.

About Community Bank System

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.