Algert Global LLC Takes Position in Community Bank System, Inc. (NYSE:CBU)

Algert Global LLC acquired a new position in Community Bank System, Inc. (NYSE:CBU) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 13,603 shares of the bank’s stock, valued at approximately $642,000.

Other large investors have also recently added to or reduced their stakes in the company. Quantbot Technologies LP bought a new position in shares of Community Bank System in the first quarter worth $592,000. Assenagon Asset Management S.A. grew its position in Community Bank System by 152.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 182,397 shares of the bank’s stock valued at $8,611,000 after buying an additional 110,288 shares in the last quarter. SG Americas Securities LLC acquired a new position in Community Bank System during the 1st quarter valued at about $583,000. Boston Partners bought a new stake in shares of Community Bank System during the 1st quarter worth about $3,558,000. Finally, Tidal Investments LLC raised its position in shares of Community Bank System by 239.1% during the 1st quarter. Tidal Investments LLC now owns 17,257 shares of the bank’s stock worth $829,000 after buying an additional 12,168 shares in the last quarter. 73.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CBU. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $59.00 price objective on shares of Community Bank System in a research note on Tuesday, September 10th. Raymond James lowered Community Bank System from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $50.50.

Community Bank System Stock Performance

Shares of CBU opened at $58.17 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.76 and a quick ratio of 0.76. The firm’s 50 day moving average is $58.65 and its 200-day moving average is $51.15. Community Bank System, Inc. has a 12-month low of $35.38 and a 12-month high of $63.95. The stock has a market capitalization of $3.07 billion, a P/E ratio of 18.29 and a beta of 0.64.

Community Bank System (NYSE:CBU) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $183.80 million for the quarter, compared to analyst estimates of $180.05 million. During the same quarter in the previous year, the business posted $0.91 earnings per share. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities research analysts anticipate that Community Bank System, Inc. will post 3.42 EPS for the current fiscal year.

Community Bank System Increases Dividend

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

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.