State of Alaska Department of Revenue Sells 183 Shares of Community Bank System, Inc. (NYSE:CBU)

State of Alaska Department of Revenue cut its holdings in shares of Community Bank System, Inc. (NYSE:CBU) by 0.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,807 shares of the bank’s stock after selling 183 shares during the period. State of Alaska Department of Revenue owned approximately 0.06% of Community Bank System worth $1,838,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its holdings in shares of Community Bank System by 99.2% in the fourth quarter. Versant Capital Management Inc now owns 478 shares of the bank’s stock valued at $29,000 after purchasing an additional 238 shares in the last quarter. KBC Group NV raised its position in Community Bank System by 23.6% in the 3rd quarter. KBC Group NV now owns 1,816 shares of the bank’s stock valued at $105,000 after buying an additional 347 shares during the last quarter. Stone House Investment Management LLC lifted its stake in Community Bank System by 51.0% in the 3rd quarter. Stone House Investment Management LLC now owns 2,360 shares of the bank’s stock valued at $137,000 after acquiring an additional 797 shares in the last quarter. Geneos Wealth Management Inc. acquired a new position in Community Bank System during the 4th quarter worth approximately $141,000. Finally, Crossmark Global Holdings Inc. bought a new position in shares of Community Bank System during the 4th quarter worth approximately $207,000. 73.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Jeffrey M. Levy sold 1,136 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $65.98, for a total transaction of $74,953.28. Following the transaction, the senior vice president now owns 6,539 shares in the company, valued at approximately $431,443.22. This trade represents a 14.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John F. Whipple sold 3,937 shares of Community Bank System stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $73.10, for a total value of $287,794.70. Following the sale, the director now directly owns 5,823 shares of the company’s stock, valued at approximately $425,661.30. The trade was a 40.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CBU shares. Raymond James raised shares of 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 report on Monday, October 28th. Piper Sandler initiated coverage on Community Bank System in a report on Thursday, December 5th. They set a “neutral” rating and a $70.00 target price on the stock. Finally, Keefe, Bruyette & Woods increased their price target on Community Bank System from $74.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, January 22nd.

Community Bank System Stock Performance

Shares of CBU opened at $67.02 on Wednesday. The company has a market cap of $3.52 billion, a PE ratio of 19.48 and a beta of 0.67. The firm has a 50-day moving average of $64.26 and a 200-day moving average of $62.31. Community Bank System, Inc. has a one year low of $41.50 and a one year high of $73.39. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.76 and a quick ratio of 0.76.

Community Bank System (NYSE:CBU) last posted its quarterly earnings results on Tuesday, January 21st. The bank reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.04. The business had revenue of $196.30 million during the quarter, compared to analysts’ expectations of $190.95 million. Community Bank System had a return on equity of 10.94% and a net margin of 19.40%. Community Bank System’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the company posted $0.76 earnings per share. As a group, equities analysts forecast that Community Bank System, Inc. will post 4.18 earnings per share for the current year.

Community Bank System Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Friday, March 14th will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 2.75%. The ex-dividend date of this dividend is Friday, March 14th. Community Bank System’s payout ratio is 53.49%.

Community Bank System 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.