Canandaigua National Bank & Trust Co. Sells 600 Shares of Community Bank System, Inc. (NYSE:CBU)

Canandaigua National Bank & Trust Co. cut its holdings in Community Bank System, Inc. (NYSE:CBU) by 1.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 32,905 shares of the bank’s stock after selling 600 shares during the period. Canandaigua National Bank & Trust Co. owned 0.06% of Community Bank System worth $1,911,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Louisiana State Employees Retirement System lifted its holdings in Community Bank System by 0.8% during the second quarter. Louisiana State Employees Retirement System now owns 26,600 shares of the bank’s stock valued at $1,256,000 after purchasing an additional 200 shares in the last quarter. QRG Capital Management Inc. increased its stake in Community Bank System by 4.5% in the 2nd quarter. QRG Capital Management Inc. now owns 4,895 shares of the bank’s stock worth $231,000 after buying an additional 212 shares in the last quarter. Arizona State Retirement System raised its holdings in Community Bank System by 1.8% during the second quarter. Arizona State Retirement System now owns 14,930 shares of the bank’s stock valued at $705,000 after acquiring an additional 258 shares during the period. CIBC Asset Management Inc lifted its position in shares of Community Bank System by 6.2% in the second quarter. CIBC Asset Management Inc now owns 5,235 shares of the bank’s stock valued at $247,000 after acquiring an additional 307 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Community Bank System by 1.7% in the second 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. Hedge funds and other institutional investors own 73.79% of the company’s stock.

Community Bank System Price Performance

Shares of CBU stock traded up $0.84 on Friday, reaching $58.17. The company’s stock had a trading volume of 189,957 shares, compared to its average volume of 287,453. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of 18.29 and a beta of 0.64. The stock’s fifty day simple moving average is $58.65 and its 200-day simple moving average is $51.10. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.43. Community Bank System, Inc. has a 1 year low of $35.38 and a 1 year high of $63.95.

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

Community Bank System Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Friday, September 13th will be paid a $0.46 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.84 annualized dividend and a dividend yield of 3.16%. This is an increase from Community Bank System’s previous quarterly dividend of $0.45. Community Bank System’s dividend payout ratio is currently 57.86%.

Analysts Set New Price Targets

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