ProShare Advisors LLC Grows Holdings in Community Bank System, Inc. (CBU)
ProShare Advisors LLC raised its position in Community Bank System, Inc. (NYSE:CBU) by 6.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131,040 shares of the bank’s stock after acquiring an additional 7,395 shares during the quarter. ProShare Advisors LLC owned approximately 0.26% of Community Bank System worth $7,308,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. LS Investment Advisors LLC grew its position in Community Bank System by 8.2% in the 2nd quarter. LS Investment Advisors LLC now owns 1,814 shares of the bank’s stock valued at $101,000 after acquiring an additional 137 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Community Bank System by 62.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,906 shares of the bank’s stock worth $105,000 after buying an additional 733 shares in the last quarter. Cutler Group LP grew its position in shares of Community Bank System by 118.7% during the second quarter. Cutler Group LP now owns 2,016 shares of the bank’s stock worth $112,000 after buying an additional 12,800 shares in the last quarter. Meadow Creek Investment Management LLC acquired a new position in shares of Community Bank System during the first quarter worth about $126,000. Finally, Pacad Investment Ltd. acquired a new position in shares of Community Bank System during the second quarter worth about $139,000. 68.98% of the stock is owned by institutional investors.
In other news, Director R Kallet Michael sold 5,000 shares of the stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $52.55, for a total value of $262,750.00. Following the completion of the sale, the director now owns 16,603 shares in the company, valued at $872,487.65. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Nicholas A. Dicerbo sold 3,000 shares of the stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $56.03, for a total value of $168,090.00. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by company insiders.
A number of equities analysts have recently commented on the company. BidaskClub downgraded Community Bank System from a “sell” rating to a “strong sell” rating in a research report on Monday, August 14th. Piper Jaffray Companies reissued a “hold” rating and set a $51.00 price objective on shares of Community Bank System in a research report on Thursday, August 3rd. Royal Bank Of Canada reissued a “hold” rating on shares of Community Bank System in a research report on Wednesday, August 2nd. Finally, Zacks Investment Research raised Community Bank System from a “hold” rating to a “strong-buy” rating and set a $58.00 price objective for the company in a research report on Tuesday, September 12th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a strong buy rating to the company’s stock. Community Bank System has a consensus rating of “Hold” and an average price target of $54.80.
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Community Bank System, Inc. (CBU) opened at 52.36 on Wednesday. The stock’s 50 day moving average price is $52.40 and its 200-day moving average price is $54.63. Community Bank System, Inc. has a 12 month low of $42.67 and a 12 month high of $63.04. The firm has a market capitalization of $2.65 billion, a P/E ratio of 25.04 and a beta of 1.09.
Community Bank System (NYSE:CBU) last posted its earnings results on Monday, July 31st. The bank reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.13. Community Bank System had a return on equity of 9.04% and a net margin of 20.63%. The business had revenue of $129.26 million during the quarter, compared to analyst estimates of $127.00 million. During the same quarter last year, the firm earned $0.58 earnings per share. The company’s revenue for the quarter was up 20.7% compared to the same quarter last year. On average, analysts forecast that Community Bank System, Inc. will post $2.57 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 15th will be paid a $0.34 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.60%. This is a positive change from Community Bank System’s previous quarterly dividend of $0.32. Community Bank System’s dividend payout ratio (DPR) is 64.15%.
Community Bank System Company Profile
Community Bank System, Inc is a bank holding company. The Company owns two subsidiaries: Community Bank, N.A. (CBNA or the Bank) and Benefit Plans Administrative Services, Inc (BPAS). It operates in three segments: banking, employee benefit services, and All Other. The Banking segment provides lending and depository-related products and services to individuals, businesses and municipal enterprises.
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