Carnegie Investment Counsel Buys 5,688 Shares of Community Bank System, Inc. (NYSE:CBU)

Carnegie Investment Counsel raised its stake in Community Bank System, Inc. (NYSE:CBU) by 11.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 55,445 shares of the bank’s stock after acquiring an additional 5,688 shares during the period. Carnegie Investment Counsel’s holdings in Community Bank System were worth $3,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. Versant Capital Management Inc boosted its holdings in Community Bank System by 99.2% in the 4th quarter. Versant Capital Management Inc now owns 478 shares of the bank’s stock valued at $29,000 after purchasing an additional 238 shares during the period. KBC Group NV lifted its holdings in shares of Community Bank System by 23.6% during the 3rd quarter. KBC Group NV now owns 1,816 shares of the bank’s stock worth $105,000 after acquiring an additional 347 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Community Bank System by 1.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,088 shares of the bank’s stock worth $1,373,000 after acquiring an additional 484 shares during the period. Profund Advisors LLC lifted its holdings in shares of Community Bank System by 15.9% during the 2nd quarter. Profund Advisors LLC now owns 5,059 shares of the bank’s stock worth $239,000 after acquiring an additional 694 shares during the period. Finally, Fulton Bank N.A. lifted its holdings in shares of Community Bank System by 9.5% during the 3rd quarter. Fulton Bank N.A. now owns 8,078 shares of the bank’s stock worth $469,000 after acquiring an additional 702 shares during the period. 73.79% of the stock is owned by institutional investors.

Community Bank System Trading Up 1.0 %

Shares of CBU stock opened at $63.21 on Friday. Community Bank System, Inc. has a 12-month low of $41.50 and a 12-month high of $73.39. The company has a market capitalization of $3.32 billion, a P/E ratio of 19.69 and a beta of 0.67. The firm has a 50-day moving average price of $65.46 and a 200 day moving average price of $60.78. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.35.

Community Bank System (NYSE:CBU) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $186.35 million. Community Bank System had a net margin of 18.82% and a return on equity of 10.52%. The company’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.82 EPS. Research analysts forecast that Community Bank System, Inc. will post 3.39 earnings per share for the current fiscal year.

Community Bank System Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Friday, March 14th will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend is Friday, March 14th. Community Bank System’s payout ratio is presently 57.32%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Community Bank System

In other Community Bank System news, Director John F. Whipple sold 3,937 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $73.10, for a total value of $287,794.70. Following the completion of the sale, the director now owns 5,823 shares in the company, valued at approximately $425,661.30. This trade represents a 40.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.78% of the company’s stock.

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.