Community Bank System (NYSE:CBU) Upgraded at Raymond James

Raymond James upgraded shares of Community Bank System (NYSE:CBU) from a market perform rating to a strong-buy rating in a report published on Monday, Marketbeat reports. Raymond James currently has $67.00 price target on the bank’s stock.

Separately, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $59.00 target price on shares of Community Bank System in a report on Tuesday, September 10th.

Community Bank System Stock Performance

Shares of CBU stock opened at $61.84 on Monday. The firm has a market capitalization of $3.26 billion, a PE ratio of 19.09 and a beta of 0.64. The company has a 50 day moving average price of $58.94 and a 200-day moving average price of $52.81. Community Bank System has a 52 week low of $39.05 and a 52 week 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 released 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). Community Bank System had a net margin of 15.90% and a return on equity of 8.94%. The firm had revenue of $188.94 million for the quarter, compared to the consensus estimate of $186.35 million. During the same period in the previous year, the company earned $0.82 earnings per share. Community Bank System’s quarterly revenue was up 7.7% compared to the same quarter last year. As a group, equities research analysts expect that Community Bank System will post 3.42 earnings per share for the current year.

Community Bank System Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 13th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Friday, December 13th. Community Bank System’s dividend payout ratio is 57.86%.

Hedge Funds Weigh In On Community Bank System

Large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in Community Bank System by 8.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,770,648 shares of the bank’s stock worth $83,588,000 after buying an additional 142,909 shares during the period. Federated Hermes Inc. grew its position in shares of Community Bank System by 6.8% during the second quarter. Federated Hermes Inc. now owns 691,879 shares of the bank’s stock worth $32,664,000 after purchasing an additional 44,137 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Community Bank System by 164.9% during the second quarter. Victory Capital Management Inc. now owns 213,167 shares of the bank’s stock worth $10,064,000 after purchasing an additional 132,697 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in Community Bank System by 152.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 182,397 shares of the bank’s stock worth $8,611,000 after purchasing an additional 110,288 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its holdings in Community Bank System by 6.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 116,116 shares of the bank’s stock worth $5,482,000 after purchasing an additional 6,812 shares in the last quarter. Hedge funds and other institutional investors own 73.79% of the company’s stock.

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.