PNC Financial Services Group Inc. Has $434,000 Holdings in Community Bank System, Inc. (NYSE:CBU)

PNC Financial Services Group Inc. decreased its position in Community Bank System, Inc. (NYSE:CBU) by 5.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 7,035 shares of the bank’s stock after selling 381 shares during the period. PNC Financial Services Group Inc.’s holdings in Community Bank System were worth $434,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in Community Bank System during the fourth quarter valued at approximately $687,000. Atria Investments Inc increased its stake in shares of Community Bank System by 16.0% during the 4th quarter. Atria Investments Inc now owns 8,839 shares of the bank’s stock worth $545,000 after purchasing an additional 1,218 shares during the last quarter. Assetmark Inc. bought a new position in shares of Community Bank System during the 4th quarter valued at $127,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Community Bank System by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 661,317 shares of the bank’s stock valued at $40,790,000 after purchasing an additional 8,326 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Community Bank System by 140.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,203 shares of the bank’s stock valued at $74,000 after purchasing an additional 702 shares during the last quarter. 73.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CBU has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upped their price target on Community Bank System from $74.00 to $76.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 22nd. Piper Sandler began coverage on shares of Community Bank System in a research report on Thursday, December 5th. They issued a “neutral” rating and a $70.00 price target on the stock.

Insider Buying and Selling at Community Bank System

In other news, SVP Jeffrey M. Levy sold 1,136 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $65.98, for a total value of $74,953.28. Following the completion of the sale, the senior vice president now directly owns 6,539 shares of the company’s stock, valued at $431,443.22. This represents a 14.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.89% of the company’s stock.

Community Bank System Price Performance

Shares of CBU stock opened at $57.16 on Friday. The stock’s fifty day simple moving average is $62.72 and its 200 day simple moving average is $62.63. Community Bank System, Inc. has a one year low of $41.50 and a one year high of $73.39. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 16.62 and a beta of 0.66. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.76 and a quick ratio of 0.76.

Community Bank System (NYSE:CBU) last released its quarterly earnings results on Tuesday, January 21st. The bank reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.04. The business had revenue of $196.30 million for the quarter, compared to analyst estimates of $190.95 million. Community Bank System had a return on equity of 10.94% and a net margin of 19.40%. Community Bank System’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.76 EPS. On average, analysts expect that Community Bank System, Inc. will post 4.18 earnings per share for the current fiscal year.

Community Bank System Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.46 per share. The ex-dividend date is Friday, March 14th. This represents a $1.84 annualized dividend and a yield of 3.22%. Community Bank System’s dividend payout ratio is currently 53.49%.

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.