Assetmark Inc. Purchases Shares of 2,062 Community Bank System, Inc. (NYSE:CBU)

Assetmark Inc. purchased a new stake in Community Bank System, Inc. (NYSE:CBU) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,062 shares of the bank’s stock, valued at approximately $127,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Geode Capital Management LLC grew its stake in Community Bank System by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,208,859 shares of the bank’s stock valued at $70,212,000 after purchasing an additional 8,751 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Community Bank System by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 661,317 shares of the bank’s stock valued at $40,790,000 after purchasing an additional 8,326 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Community Bank System by 6.4% in the fourth quarter. Bank of New York Mellon Corp now owns 565,920 shares of the bank’s stock valued at $34,906,000 after purchasing an additional 34,143 shares in the last quarter. Principal Financial Group Inc. grew its stake in Community Bank System by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 254,869 shares of the bank’s stock valued at $15,720,000 after purchasing an additional 7,160 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in Community Bank System by 699.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 144,817 shares of the bank’s stock valued at $8,932,000 after purchasing an additional 126,700 shares in the last quarter. 73.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Piper Sandler assumed coverage on Community Bank System in a research note on Thursday, December 5th. They set a “neutral” rating and a $70.00 target price for the company. Keefe, Bruyette & Woods lifted their target price on Community Bank System from $74.00 to $76.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 22nd.

Community Bank System Stock Performance

Shares of NYSE CBU opened at $57.29 on Friday. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.42. Community Bank System, Inc. has a 12 month low of $41.50 and a 12 month high of $73.39. The stock has a 50 day moving average of $63.06 and a 200-day moving average of $62.75. The company has a market capitalization of $3.02 billion, a P/E ratio of 16.65 and a beta of 0.66.

Community Bank System (NYSE:CBU) last released its quarterly earnings results on Tuesday, January 21st. The bank reported $0.94 earnings per share for the quarter, topping the consensus estimate 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%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the firm posted $0.76 EPS. As a group, equities research analysts predict that Community Bank System, Inc. will post 4.18 EPS for the current year.

Community Bank System Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.84 annualized dividend and a yield of 3.21%. Community Bank System’s payout ratio is currently 53.49%.

Insider Buying and Selling

In related news, SVP Jeffrey M. Levy sold 1,136 shares of Community Bank System 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 completion of the sale, the senior vice president now directly owns 6,539 shares of the company’s stock, valued at approximately $431,443.22. This trade represents a 14.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.78% of the stock is currently owned by insiders.

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.