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

Corebridge Financial Inc. lessened its holdings in shares of Community Bank System, Inc. (NYSE:CBU) by 7.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,863 shares of the bank’s stock after selling 2,176 shares during the period. Corebridge Financial Inc. owned approximately 0.05% of Community Bank System worth $1,719,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CBU. US Bancorp DE raised its stake in shares of Community Bank System by 17.1% during the 4th quarter. US Bancorp DE now owns 1,081 shares of the bank’s stock valued at $67,000 after buying an additional 158 shares during the last quarter. Principal Securities Inc. lifted its holdings in Community Bank System by 13.7% in the fourth quarter. Principal Securities Inc. now owns 1,774 shares of the bank’s stock valued at $109,000 after acquiring an additional 214 shares during the period. Versant Capital Management Inc boosted its position in Community Bank System by 99.2% in the 4th quarter. Versant Capital Management Inc now owns 478 shares of the bank’s stock worth $29,000 after purchasing an additional 238 shares in the last quarter. Corient Private Wealth LLC grew its stake in shares of Community Bank System by 4.0% during the 4th quarter. Corient Private Wealth LLC now owns 8,526 shares of the bank’s stock worth $526,000 after purchasing an additional 327 shares during the period. Finally, Invesco LLC increased its holdings in shares of Community Bank System by 7.0% during the 4th quarter. Invesco LLC now owns 6,763 shares of the bank’s stock valued at $417,000 after purchasing an additional 442 shares in the last quarter. 73.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Jeffrey M. Levy sold 1,136 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $65.98, for a total value of $74,953.28. Following the completion of the sale, the senior vice president now directly owns 6,539 shares in the company, valued at $431,443.22. This represents a 14.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.89% of the company’s stock.

Analyst Upgrades and Downgrades

CBU has been the topic of a number of recent analyst reports. Piper Sandler started coverage on shares of Community Bank System in a report on Thursday, December 5th. They set a “neutral” rating and a $70.00 price target on the stock. Keefe, Bruyette & Woods raised their target price 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 Price Performance

Community Bank System stock opened at $57.47 on Thursday. The stock has a market capitalization of $3.03 billion, a P/E ratio of 16.71 and a beta of 0.66. The company’s fifty day moving average price is $61.86 and its 200 day moving average price is $62.60. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.76 and a current ratio of 0.76. Community Bank System, Inc. has a 1 year low of $41.50 and a 1 year high of $73.39.

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

Community Bank System Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.20%. Community Bank System’s payout ratio is currently 53.49%.

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.