Tidal Investments LLC Increases Stake in Community Bank System, Inc. (NYSE:CBU)

Tidal Investments LLC boosted its stake in Community Bank System, Inc. (NYSE:CBU - Free Report) by 48.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,866 shares of the bank's stock after acquiring an additional 10,060 shares during the period. Tidal Investments LLC owned 0.06% of Community Bank System worth $1,792,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CBU. Dimensional Fund Advisors LP lifted 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 worth $83,588,000 after acquiring an additional 142,909 shares during the period. Geode Capital Management LLC lifted its position in Community Bank System by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,208,859 shares of the bank's stock valued at $70,212,000 after purchasing an additional 8,751 shares during the period. Federated Hermes Inc. increased its position in Community Bank System by 6.8% during the 2nd quarter. Federated Hermes Inc. now owns 691,879 shares of the bank's stock worth $32,664,000 after purchasing an additional 44,137 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Community Bank System by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 652,991 shares of the bank's stock worth $37,919,000 after buying an additional 9,863 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings 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 buying an additional 132,697 shares during the period. 73.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CBU. Keefe, Bruyette & Woods upped their price objective on Community Bank System from $64.00 to $74.00 and gave the stock a "market perform" rating in a report on Wednesday, December 4th. 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 note on Monday, October 28th. Finally, Piper Sandler started coverage on shares of Community Bank System in a research report on Thursday, December 5th. They set a "neutral" rating and a $70.00 target price on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $65.25.

Community Bank System Price Performance

NYSE:CBU traded down $4.02 during mid-day trading on Wednesday, hitting $61.23. 318,462 shares of the company's stock traded hands, compared to its average volume of 275,988. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market cap of $3.22 billion, a PE ratio of 19.07 and a beta of 0.65. The firm's 50 day simple moving average is $65.31 and its 200 day simple moving average is $58.25. Community Bank System, Inc. has a 1 year low of $41.50 and a 1 year high of $73.39.

Community Bank System (NYSE:CBU - Get Free Report) last issued 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). The business had revenue of $188.94 million for the quarter, compared to analysts' expectations of $186.35 million. Community Bank System had a return on equity of 10.52% and a net margin of 18.82%. The company's revenue for the quarter was up 7.7% on a year-over-year basis. During the same period last year, the business earned $0.82 earnings per share. Sell-side analysts expect that Community Bank System, Inc. will post 3.39 EPS for the current year.

Community Bank System Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 13th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend is Friday, December 13th. Community Bank System's dividend payout ratio is presently 57.32%.

Insider Activity at Community Bank System

In other Community Bank System news, Director John F. Whipple sold 3,937 shares of the business'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 directly owns 5,823 shares in the company, valued at approximately $425,661.30. The trade was a 40.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.89% of the stock is currently owned by corporate insiders.

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.