Maryland State Retirement & Pension System Sells 817 Shares of Community Bank System, Inc. (NYSE:CBU)

Maryland State Retirement & Pension System decreased its position in shares of Community Bank System, Inc. (NYSE:CBU) by 4.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,399 shares of the bank’s stock after selling 817 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Community Bank System were worth $869,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Benjamin Edwards Inc. increased its stake in shares of Community Bank System by 40.7% in the 1st quarter. Benjamin Edwards Inc. now owns 2,695 shares of the bank’s stock valued at $129,000 after acquiring an additional 780 shares in the last quarter. TFO Wealth Partners LLC grew its position in Community Bank System by 37,162.5% in the 4th quarter. TFO Wealth Partners LLC now owns 2,981 shares of the bank’s stock valued at $155,000 after purchasing an additional 2,973 shares during the period. Atria Wealth Solutions Inc. acquired a new stake in Community Bank System in the 4th quarter valued at $206,000. Avantax Advisory Services Inc. acquired a new stake in Community Bank System in the 4th quarter valued at $208,000. Finally, Olympiad Research LP acquired a new stake in Community Bank System in the 4th quarter valued at $214,000. Institutional investors own 73.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Raymond James downgraded shares of Community Bank System from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 24th.

Community Bank System Price Performance

CBU opened at $61.16 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.76 and a quick ratio of 0.76. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of 19.23 and a beta of 0.65. The firm’s fifty day moving average price is $55.54 and its two-hundred day moving average price is $48.95. Community Bank System, Inc. has a 1 year low of $35.38 and a 1 year high of $63.95.

Community Bank System (NYSE:CBU) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.14. The firm had revenue of $183.80 million for the quarter, compared to the consensus estimate of $180.05 million. Community Bank System had a net margin of 15.90% and a return on equity of 8.94%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.91 EPS. As a group, analysts anticipate that Community Bank System, Inc. will post 3.34 earnings per share for the current fiscal year.

Community Bank System Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 3.01%. This is an increase from Community Bank System’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, September 13th. Community Bank System’s payout ratio is currently 57.86%.

Insiders Place Their Bets

In related news, CEO Dimitar Karaivanov purchased 1,000 shares of Community Bank System stock in a transaction that occurred on Thursday, June 13th. The stock was bought at an average price of $43.52 per share, for a total transaction of $43,520.00. Following the completion of the transaction, the chief executive officer now owns 19,653 shares in the company, valued at $855,298.56. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.89% of the company’s stock.

Community Bank System Company 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.