Renaissance Technologies LLC Acquires 12,000 Shares of Community Bank System, Inc. (NYSE:CBU)

Renaissance Technologies LLC raised its holdings in shares of Community Bank System, Inc. (NYSE:CBU) by 17.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 80,008 shares of the bank’s stock after purchasing an additional 12,000 shares during the quarter. Renaissance Technologies LLC’s holdings in Community Bank System were worth $3,777,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CBU. Benjamin Edwards Inc. increased its position in shares of Community Bank System by 40.7% during the first quarter. Benjamin Edwards Inc. now owns 2,695 shares of the bank’s stock worth $129,000 after acquiring an additional 780 shares during the period. TFO Wealth Partners LLC lifted its holdings in shares of 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 worth $155,000 after buying an additional 2,973 shares during the period. IFG Advisory LLC bought a new position in shares of Community Bank System during the 2nd quarter worth $212,000. QRG Capital Management Inc. increased its stake 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 valued at $231,000 after buying an additional 212 shares during the period. Finally, Ausbil Investment Management Ltd purchased a new position in Community Bank System during the 2nd quarter valued at about $243,000. 73.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CBU shares. Raymond James downgraded shares of Community Bank System from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $59.00 price target on shares of Community Bank System in a report on Tuesday, September 10th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $50.50.

Community Bank System Stock Up 0.1 %

Shares of CBU stock opened at $57.20 on Friday. Community Bank System, Inc. has a 1-year low of $35.38 and a 1-year high of $63.95. 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 cap of $3.02 billion, a price-to-earnings ratio of 17.99 and a beta of 0.64. The stock’s fifty day moving average price is $59.04 and its 200 day moving average price is $50.67.

Community Bank System (NYSE:CBU) last released its earnings results on Tuesday, July 23rd. The bank reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.14. The company 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%. Community Bank System’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.91 EPS. On average, research analysts expect that Community Bank System, Inc. will post 3.42 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. Stockholders of record on Friday, September 13th will be issued a $0.46 dividend. The ex-dividend date of this dividend is Friday, September 13th. This is a positive change from Community Bank System’s previous quarterly dividend of $0.45. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.22%. Community Bank System’s dividend payout ratio is currently 57.86%.

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.