Community Bank System, Inc. (NYSE:CBU) Shares Sold by State Street Corp

State Street Corp cut its holdings in shares of Community Bank System, Inc. (NYSE:CBU - Free Report) by 9.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,287,276 shares of the bank's stock after selling 356,578 shares during the quarter. State Street Corp owned 6.25% of Community Bank System worth $192,464,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. QRG Capital Management Inc. raised its holdings in shares of Community Bank System by 4.5% during the second quarter. QRG Capital Management Inc. now owns 4,895 shares of the bank's stock worth $231,000 after purchasing an additional 212 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Community Bank System by 2.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 50,045 shares of the bank's stock valued at $2,363,000 after buying an additional 1,411 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Community Bank System by 152.9% in the second quarter. Assenagon Asset Management S.A. now owns 182,397 shares of the bank's stock worth $8,611,000 after buying an additional 110,288 shares during the last quarter. Louisiana State Employees Retirement System raised its position in Community Bank System by 0.8% during the second quarter. Louisiana State Employees Retirement System now owns 26,600 shares of the bank's stock valued at $1,256,000 after acquiring an additional 200 shares in the last quarter. Finally, Ausbil Investment Management Ltd acquired a new position in Community Bank System in the second quarter valued at approximately $243,000. 73.79% of the stock is currently owned by institutional investors and hedge funds.

Community Bank System Price Performance

Shares of CBU stock traded down $0.17 during trading hours on Friday, hitting $66.66. 153,134 shares of the company's stock were exchanged, compared to its average volume of 276,405. Community Bank System, Inc. has a fifty-two week low of $41.50 and a fifty-two week high of $73.39. The firm has a market cap of $3.50 billion, a P/E ratio of 20.77 and a beta of 0.65. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.35. The firm has a 50 day moving average of $64.93 and a two-hundred day moving average of $57.77.

Community Bank System (NYSE:CBU - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.83 earnings per share 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 company posted $0.82 earnings per share. The business's revenue was up 7.7% on a year-over-year basis. Sell-side analysts forecast that Community Bank System, Inc. will post 3.39 EPS for the current year.

Community Bank System Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 13th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.76%. The ex-dividend date is Friday, December 13th. Community Bank System's payout ratio is 57.32%.

Analyst Ratings Changes

CBU has been the topic of a number of analyst reports. Piper Sandler assumed coverage on shares of Community Bank System in a research note on Thursday, December 5th. They set a "neutral" rating and a $70.00 price objective on the stock. Keefe, Bruyette & Woods raised their price target on shares of Community Bank System from $64.00 to $74.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. Finally, 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 for the company in a research report on Monday, October 28th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, Community Bank System has an average rating of "Hold" and an average target price of $65.25.

Insiders Place Their Bets

In other Community Bank System news, Director John F. Whipple sold 3,937 shares of Community Bank System stock in a transaction on Monday, November 25th. The shares were sold at an average price of $73.10, for a total transaction of $287,794.70. Following the sale, the director now owns 5,823 shares of the company's stock, valued at $425,661.30. The trade was a 40.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.89% of the stock is owned by company insiders.

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.