Massmutual Trust Co. FSB ADV Sells 2,985 Shares of Community Bank System, Inc. (NYSE:CBU)

Massmutual Trust Co. FSB ADV reduced its holdings in shares of Community Bank System, Inc. (NYSE:CBU) by 23.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,864 shares of the bank’s stock after selling 2,985 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Community Bank System were worth $573,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Community Bank System by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 6,596,018 shares of the bank’s stock worth $343,718,000 after acquiring an additional 43,001 shares during the period. Dimensional Fund Advisors LP increased its holdings 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 acquiring an additional 142,909 shares during the period. Goldman Sachs Group Inc. increased its holdings in Community Bank System by 15.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 814,362 shares of the bank’s stock worth $42,436,000 after acquiring an additional 107,285 shares during the period. Federated Hermes Inc. grew its stake in Community Bank System by 6.8% in the 2nd quarter. Federated Hermes Inc. now owns 691,879 shares of the bank’s stock worth $32,664,000 after buying an additional 44,137 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in Community Bank System by 164.9% in the 2nd quarter. Victory Capital Management Inc. now owns 213,167 shares of the bank’s stock worth $10,064,000 after buying an additional 132,697 shares in the last quarter. 73.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Raymond James cut shares of Community Bank System from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $59.00 price target on shares of Community Bank System in a research report on Tuesday, September 10th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat.com, Community Bank System has an average rating of “Hold” and an average price target of $50.50.

Community Bank System Stock Performance

CBU opened at $58.16 on Friday. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.43. The company has a market cap of $3.07 billion, a price-to-earnings ratio of 18.29 and a beta of 0.64. The company’s 50 day moving average is $58.65 and its 200 day moving average is $51.10. Community Bank System, Inc. has a 12-month low of $35.38 and a 12-month high of $63.95.

Community Bank System (NYSE:CBU) last released its earnings results on Tuesday, July 23rd. The bank reported $0.95 EPS for the quarter, topping 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 company had revenue of $183.80 million for the quarter, compared to analysts’ expectations of $180.05 million. During the same quarter last year, the business earned $0.91 EPS. The firm’s revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts predict that Community Bank System, Inc. will post 3.42 EPS for the current year.

Community Bank System Increases Dividend

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

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.