Shelton Capital Management Invests $247,000 in Community Bank System, Inc. (CBU)
Shelton Capital Management bought a new position in shares of Community Bank System, Inc. (NYSE:CBU) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 4,425 shares of the bank’s stock, valued at approximately $247,000.
Other large investors have also recently modified their holdings of the company. Crawford Investment Counsel Inc. purchased a new stake in shares of Community Bank System during the 2nd quarter worth about $1,342,000. Comerica Bank grew its holdings in shares of Community Bank System by 4.6% during the 2nd quarter. Comerica Bank now owns 51,559 shares of the bank’s stock worth $2,812,000 after purchasing an additional 2,254 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Community Bank System by 12.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 91,759 shares of the bank’s stock worth $5,117,000 after purchasing an additional 10,156 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in shares of Community Bank System by 15.0% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 40,059 shares of the bank’s stock worth $2,234,000 after purchasing an additional 5,226 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of Community Bank System by 14.1% during the 2nd quarter. Principal Financial Group Inc. now owns 415,221 shares of the bank’s stock worth $23,157,000 after purchasing an additional 51,281 shares during the period. Institutional investors and hedge funds own 68.98% of the company’s stock.
In other news, Director Brian R. Ace sold 5,457 shares of the stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $53.35, for a total transaction of $291,130.95. Following the transaction, the director now owns 55,647 shares of the company’s stock, valued at approximately $2,968,767.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director R Kallet Michael sold 5,000 shares of the stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $53.00, for a total value of $265,000.00. Following the transaction, the director now directly owns 11,603 shares in the company, valued at approximately $614,959. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,457 shares of company stock worth $1,085,081. 3.20% of the stock is currently owned by insiders.
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Community Bank System, Inc. (CBU) opened at 54.78 on Wednesday. Community Bank System, Inc. has a 52-week low of $42.67 and a 52-week high of $63.04. The company’s 50-day moving average price is $53.19 and its 200 day moving average price is $54.50. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of 26.20 and a beta of 1.10.
Community Bank System (NYSE:CBU) last issued its earnings results on Monday, July 31st. The bank reported $0.73 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $129.26 million for the quarter, compared to analyst estimates of $127.00 million. During the same period in the prior year, the firm posted $0.58 EPS. The business’s revenue was up 20.7% compared to the same quarter last year. Equities research analysts predict that Community Bank System, Inc. will post $2.57 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Friday, September 15th were issued a dividend of $0.34 per share. This is a positive change from Community Bank System’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.48%. Community Bank System’s dividend payout ratio is currently 64.15%.
A number of analysts have recently issued reports on CBU shares. Piper Jaffray Companies reiterated a “hold” rating and set a $51.00 target price on shares of Community Bank System in a report on Thursday, August 3rd. BidaskClub cut Community Bank System from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Zacks Investment Research upgraded Community Bank System from a “hold” rating to a “strong-buy” rating and set a $58.00 target price for the company in a report on Tuesday, September 12th. Royal Bank Of Canada reiterated a “hold” rating on shares of Community Bank System in a report on Wednesday, August 2nd. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $54.00 target price on shares of Community Bank System in a report on Friday, October 13th. Two equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $54.67.
Community Bank System 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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