Community Bank System, Inc. (NYSE:CBU) Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC raised its position in Community Bank System, Inc. (NYSE:CBU) by 0.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,208,859 shares of the bank’s stock after purchasing an additional 8,751 shares during the quarter. Geode Capital Management LLC owned about 2.30% of Community Bank System worth $70,212,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Point72 DIFC Ltd purchased a new position in shares of Community Bank System during the 2nd quarter worth $76,000. KBC Group NV increased its position in shares of Community Bank System by 23.6% during the third quarter. KBC Group NV now owns 1,816 shares of the bank’s stock valued at $105,000 after acquiring an additional 347 shares during the last quarter. Stone House Investment Management LLC raised its stake in shares of Community Bank System by 51.0% in the 3rd quarter. Stone House Investment Management LLC now owns 2,360 shares of the bank’s stock valued at $137,000 after acquiring an additional 797 shares during the period. Benjamin Edwards Inc. lifted its holdings in shares of Community Bank System by 27.5% in the 2nd quarter. Benjamin Edwards Inc. now owns 3,436 shares of the bank’s stock worth $162,000 after acquiring an additional 741 shares during the last quarter. Finally, IFG Advisory LLC acquired a new position in shares of Community Bank System in the 2nd quarter worth approximately $212,000. Hedge funds and other institutional investors own 73.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CBU. Piper Sandler started coverage on Community Bank System in a research report on Thursday, December 5th. They issued a “neutral” rating and a $70.00 target price on the stock. Raymond James upgraded Community Bank System from a “market perform” rating to a “strong-buy” rating and set a $67.00 price objective on the stock in a report on Monday, October 28th. Finally, Keefe, Bruyette & Woods raised their target price on Community Bank System from $64.00 to $74.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Community Bank System currently has an average rating of “Hold” and an average price target of $65.25.

Insiders Place Their Bets

In other Community Bank System news, Director John F. Whipple sold 3,937 shares of the firm’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 sale, the director now directly owns 5,823 shares in the company, valued at $425,661.30. This trade represents a 40.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.89% of the stock is currently owned by company insiders.

Community Bank System Stock Up 2.5 %

Community Bank System stock opened at $62.64 on Friday. The firm has a market capitalization of $3.29 billion, a P/E ratio of 19.51 and a beta of 0.65. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.35. Community Bank System, Inc. has a twelve month low of $41.50 and a twelve month high of $73.39. The stock’s fifty day simple moving average is $65.50 and its 200-day simple moving average is $58.51.

Community Bank System (NYSE:CBU) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.05). The company 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%. Community Bank System’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.82 EPS. As a group, equities analysts expect that Community Bank System, Inc. will post 3.39 earnings per share for the current fiscal year.

Community Bank System Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 13th will be paid a $0.46 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.84 dividend on an annualized basis and a yield of 2.94%. Community Bank System’s dividend payout ratio is currently 57.32%.

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.