State of New Jersey Common Pension Fund D Reduces Position in Community Bank System, Inc. (NYSE:CBU)

State of New Jersey Common Pension Fund D reduced its stake in Community Bank System, Inc. (NYSE:CBU - Free Report) by 24.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,411 shares of the bank's stock after selling 10,401 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.06% of Community Bank System worth $1,882,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CBU. Point72 DIFC Ltd purchased a new position in Community Bank System in the 2nd quarter valued at about $76,000. Benjamin Edwards Inc. lifted its stake in shares of Community Bank System by 27.5% during the second quarter. Benjamin Edwards Inc. now owns 3,436 shares of the bank's stock valued at $162,000 after buying an additional 741 shares during the period. IFG Advisory LLC acquired a new stake in Community Bank System during the second quarter worth approximately $212,000. QRG Capital Management Inc. grew its stake in Community Bank System by 4.5% in the 2nd quarter. QRG Capital Management Inc. now owns 4,895 shares of the bank's stock worth $231,000 after acquiring an additional 212 shares during the period. Finally, Dark Forest Capital Management LP acquired a new position in Community Bank System in the 2nd quarter valued at $231,000. Institutional investors and hedge funds own 73.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CBU shares. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $59.00 price objective on shares of Community Bank System in a research report on Tuesday, September 10th. Raymond James upgraded 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 report on Monday, October 28th.

Community Bank System Trading Up 0.0 %

Shares of CBU stock traded up $0.01 during mid-day trading on Tuesday, reaching $68.06. The company's stock had a trading volume of 49,959 shares, compared to its average volume of 283,656. The company's 50 day simple moving average is $60.50 and its 200-day simple moving average is $54.88. 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, Inc. has a 12-month low of $41.50 and a 12-month high of $72.29. The firm has a market capitalization of $3.58 billion, a PE ratio of 21.21 and a beta of 0.62.

Community Bank System (NYSE:CBU - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.83 EPS for the quarter, missing analysts' consensus estimates of $0.88 by ($0.05). Community Bank System had a return on equity of 10.52% and a net margin of 18.82%. The company had revenue of $188.94 million for the quarter, compared to analyst estimates of $186.35 million. During the same quarter in the prior year, the firm earned $0.82 EPS. The company's revenue for the quarter was up 7.7% compared to the same quarter last year. On average, research analysts predict that Community Bank System, Inc. will post 3.38 EPS for the current fiscal year.

Community Bank System Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 13th will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Friday, December 13th. Community Bank System's dividend payout ratio (DPR) is 57.32%.

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.