BNP Paribas Arbitrage SA decreased its position in shares of Community Bank System, Inc. (NYSE:CBU) by 74.6% during the second quarter, Holdings Channel reports. The fund owned 4,422 shares of the bank’s stock after selling 12,971 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Community Bank System were worth $261,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of CBU. Envestnet Asset Management Inc. grew its holdings in shares of Community Bank System by 60.2% in the first quarter. Envestnet Asset Management Inc. now owns 2,659 shares of the bank’s stock worth $144,000 after purchasing an additional 999 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Community Bank System in the first quarter worth about $189,000. Clean Yield Group bought a new position in shares of Community Bank System in the second quarter worth about $212,000. Zeke Capital Advisors LLC bought a new position in shares of Community Bank System in the first quarter worth about $246,000. Finally, Koch Industries Inc. bought a new position in shares of Community Bank System in the first quarter worth about $272,000. Institutional investors and hedge funds own 70.61% of the company’s stock.
In related news, EVP Joseph F. Serbun sold 2,681 shares of the company’s stock in a transaction dated Friday, June 29th. The shares were sold at an average price of $59.73, for a total value of $160,136.13. Following the completion of the sale, the executive vice president now directly owns 8,309 shares of the company’s stock, valued at $496,296.57. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Mark J. Bolus sold 3,693 shares of the company’s stock in a transaction dated Wednesday, June 27th. The stock was sold at an average price of $60.39, for a total transaction of $223,020.27. Following the completion of the sale, the director now directly owns 66,759 shares of the company’s stock, valued at $4,031,576.01. The disclosure for this sale can be found here. 2.34% of the stock is owned by corporate insiders.
A number of research analysts have recently commented on the stock. Boenning Scattergood restated a “hold” rating on shares of Community Bank System in a report on Monday, July 23rd. Zacks Investment Research cut shares of Community Bank System from a “buy” rating to a “hold” rating in a report on Friday, August 3rd. ValuEngine upgraded shares of Community Bank System from a “hold” rating to a “buy” rating in a report on Tuesday, July 24th. DA Davidson upped their price target on shares of Community Bank System from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, April 26th. Finally, Hovde Group cut shares of Community Bank System from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 24th. Eight research analysts have rated the stock with a hold rating, The company currently has a consensus rating of “Hold” and a consensus price target of $60.60.
NYSE CBU opened at $66.49 on Wednesday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $3.36 billion, a PE ratio of 23.83, a P/E/G ratio of 2.49 and a beta of 1.00. Community Bank System, Inc. has a 12 month low of $48.89 and a 12 month high of $67.07.
Community Bank System (NYSE:CBU) last released its quarterly earnings data on Monday, July 23rd. The bank reported $0.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.10. Community Bank System had a net margin of 33.19% and a return on equity of 10.03%. The company had revenue of $143.40 million during the quarter, compared to analyst estimates of $143.03 million. During the same period in the prior year, the firm earned $0.67 earnings per share. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. equities research analysts anticipate that Community Bank System, Inc. will post 3.3 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 10th. Investors of record on Friday, September 14th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This is a positive change from Community Bank System’s previous quarterly dividend of $0.34. This represents a $1.52 dividend on an annualized basis and a yield of 2.29%. Community Bank System’s dividend payout ratio is 48.75%.
Community Bank System Profile
Community Bank System, Inc operates as the bank holding company for Community Bank, N.A. that provides various banking and financial services to retail, commercial, and municipal customers. It operates through three segments: Banking, Employee Benefit Services, and All Other. The company offers various deposits products, such as checking, savings, and money market accounts, as well as time deposits.
Recommended Story: Book Value Per Share – BVPS
Want to see what other hedge funds are holding CBU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Community Bank System, Inc. (NYSE:CBU).
Receive News & Ratings for Community Bank System Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Community Bank System and related companies with MarketBeat.com's FREE daily email newsletter.