Envestnet Asset Management Inc. Grows Stock Holdings in Community Bank System, Inc. (NYSE:CBU)

Envestnet Asset Management Inc. lifted its stake in Community Bank System, Inc. (NYSE:CBU) by 16.8% during the second quarter, HoldingsChannel.com reports. The firm owned 55,679 shares of the bank’s stock after purchasing an additional 8,027 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Community Bank System were worth $2,629,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Victory Capital Management Inc. boosted its holdings in Community Bank System by 164.9% in the second quarter. Victory Capital Management Inc. now owns 213,167 shares of the bank’s stock worth $10,064,000 after acquiring an additional 132,697 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Community Bank System by 152.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 182,397 shares of the bank’s stock valued at $8,611,000 after purchasing an additional 110,288 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Community Bank System by 15.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 814,362 shares of the bank’s stock valued at $42,436,000 after purchasing an additional 107,285 shares during the last quarter. Boston Partners bought a new stake in Community Bank System during the 1st quarter valued at about $3,558,000. Finally, Waterford Advisors LLC purchased a new position in Community Bank System in the first quarter worth about $2,155,000. Hedge funds and other institutional investors own 73.79% of the company’s stock.

Community Bank System Stock Up 1.4 %

CBU opened at $58.16 on Friday. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of 18.29 and a beta of 0.64. The firm has a 50 day moving average price of $58.65 and a 200-day moving average price of $51.10. Community Bank System, Inc. has a twelve month low of $35.38 and a twelve month high of $63.95. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.43.

Community Bank System (NYSE:CBU) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.14. The business had revenue of $183.80 million during the quarter, compared to analyst estimates of $180.05 million. Community Bank System had a net margin of 15.90% and a return on equity of 8.94%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 EPS. Equities research analysts forecast that Community Bank System, Inc. will post 3.42 earnings per share for the current year.

Community Bank System Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Friday, September 13th will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 3.16%. This is a boost 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 dividend payout ratio (DPR) is presently 57.86%.

Analyst Ratings Changes

CBU has been the topic of a number of recent analyst reports. Raymond James cut shares of Community Bank System from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 24th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $59.00 target price on shares of Community Bank System in a report on Tuesday, September 10th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $50.50.

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.