Community Bank System, Inc. (NYSE:CBU) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lowered its position in Community Bank System, Inc. (NYSE:CBU) by 24.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,411 shares of the bank’s stock after selling 10,401 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Community Bank System were worth $1,882,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Point72 DIFC Ltd purchased a new stake in shares of Community Bank System during the 2nd quarter worth about $76,000. Benjamin Edwards Inc. lifted its position in Community Bank System by 27.5% during the second quarter. Benjamin Edwards Inc. now owns 3,436 shares of the bank’s stock valued at $162,000 after buying an additional 741 shares in the last quarter. IFG Advisory LLC acquired a new stake in shares of Community Bank System in the second quarter worth $212,000. QRG Capital Management Inc. raised its stake in shares of Community Bank System by 4.5% in the 2nd quarter. QRG Capital Management Inc. now owns 4,895 shares of the bank’s stock valued at $231,000 after acquiring an additional 212 shares during the period. Finally, Dark Forest Capital Management LP purchased a new stake in Community Bank System during the 2nd quarter worth $231,000. 73.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on CBU shares. 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 research note on Monday, October 28th. 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.

Community Bank System Trading Down 1.4 %

NYSE:CBU opened at $68.09 on Tuesday. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of 21.20 and a beta of 0.62. Community Bank System, Inc. has a one year low of $41.50 and a one year high of $72.29. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.76 and a current ratio of 0.76. The business’s 50-day simple moving average is $60.50 and its 200 day simple moving average is $54.88.

Community Bank System (NYSE:CBU) last released its earnings results on Tuesday, October 22nd. The bank reported $0.83 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.05). The business had revenue of $188.94 million for the quarter, compared to analysts’ expectations of $186.35 million. Community Bank System had a net margin of 18.82% and a return on equity of 10.52%. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.82 earnings per share. As a group, sell-side analysts predict that Community Bank System, Inc. will post 3.38 earnings per share for the current fiscal year.

Community Bank System Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 13th will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend is Friday, December 13th. Community Bank System’s 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.