Community Bank System, Inc. (NYSE:CBU) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its stake in shares of Community Bank System, Inc. (NYSE:CBU) by 4.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 247,709 shares of the bank’s stock after selling 12,553 shares during the quarter. Principal Financial Group Inc. owned 0.47% of Community Bank System worth $14,384,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake in Community Bank System by 8.8% during 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. increased 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 acquiring an additional 44,137 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of 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. boosted its holdings in Community Bank System by 152.9% in the second 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. Finally, Public Sector Pension Investment Board grew its stake in Community Bank System by 6.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 116,116 shares of the bank’s stock valued at $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.

Analysts Set New Price Targets

CBU has been the subject of several research analyst reports. Raymond James upgraded Community Bank System from a “market perform” rating to a “strong-buy” rating and set a $67.00 target price for the company in a research note on Monday, October 28th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $59.00 price objective on shares of Community Bank System in a report on Tuesday, September 10th.

Community Bank System Stock Up 0.6 %

Shares of NYSE:CBU opened at $69.07 on Friday. Community Bank System, Inc. has a 1-year low of $41.50 and a 1-year high of $72.29. The company’s fifty day moving average is $60.50 and its two-hundred day moving average is $54.80. 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 stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of 21.52 and a beta of 0.62.

Community Bank System (NYSE:CBU) last released 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 business had revenue of $188.94 million for the quarter, compared to analyst estimates of $186.35 million. Community Bank System had a return on equity of 10.52% and a net margin of 18.82%. Community Bank System’s revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.82 EPS. Equities analysts anticipate that Community Bank System, Inc. will post 3.37 EPS for the current year.

Community Bank System Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 13th will be paid a dividend of $0.46 per share. The ex-dividend date is Friday, December 13th. This represents a $1.84 dividend on an annualized basis and a yield of 2.66%. 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.