Norges Bank Takes Position in Community Bank System, Inc. (NYSE:CBU)

Norges Bank acquired a new position in Community Bank System, Inc. (NYSE:CBU - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 563,857 shares of the bank's stock, valued at approximately $34,779,000. Norges Bank owned 1.07% of Community Bank System at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CBU. US Bancorp DE lifted its position in shares of Community Bank System by 17.1% during the 4th quarter. US Bancorp DE now owns 1,081 shares of the bank's stock worth $67,000 after buying an additional 158 shares during the period. Principal Securities Inc. lifted its position in shares of 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 buying an additional 214 shares during the period. Versant Capital Management Inc increased its holdings in Community Bank System by 99.2% during the 4th quarter. Versant Capital Management Inc now owns 478 shares of the bank's stock valued at $29,000 after purchasing an additional 238 shares in the last quarter. Corient Private Wealth LLC increased its holdings in Community Bank System by 4.0% during the 4th quarter. Corient Private Wealth LLC now owns 8,526 shares of the bank's stock valued at $526,000 after purchasing an additional 327 shares in the last quarter. Finally, Invesco LLC increased its holdings in Community Bank System by 7.0% during the 4th quarter. Invesco LLC now owns 6,763 shares of the bank's stock valued at $417,000 after purchasing an additional 442 shares in the last quarter. Institutional investors own 73.79% of the company's stock.

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Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods raised their price target on Community Bank System from $74.00 to $76.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 22nd.

Insiders Place Their Bets

In other news, SVP Jeffrey M. Levy sold 1,136 shares of the business's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $65.98, for a total value of $74,953.28. Following the sale, the senior vice president now directly owns 6,539 shares in the company, valued at $431,443.22. The trade was a 14.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.89% of the company's stock.

Community Bank System Trading Down 4.1 %

Shares of NYSE:CBU traded down $2.23 during midday trading on Thursday, hitting $52.08. The company had a trading volume of 22,727 shares, compared to its average volume of 234,432. The firm has a fifty day simple moving average of $60.01 and a 200 day simple moving average of $62.27. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.42. The stock has a market cap of $2.75 billion, a price-to-earnings ratio of 15.14 and a beta of 0.74. Community Bank System, Inc. has a 12 month low of $41.50 and a 12 month high of $73.39.

Community Bank System (NYSE:CBU - Get Free Report) last posted its 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 firm had revenue of $196.30 million for the quarter, compared to analyst estimates of $190.95 million. Community Bank System had a return on equity of 10.94% and a net margin of 19.40%. The company's revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.76 earnings per share. On average, analysts predict that Community Bank System, Inc. will post 4.18 EPS for the current year.

Community Bank System Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.46 per share. The ex-dividend date is Friday, March 14th. This represents a $1.84 annualized dividend and a yield of 3.53%. Community Bank System's dividend payout ratio is presently 53.49%.

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.