GSA Capital Partners LLP purchased a new stake in Community Bank System, Inc. (NYSE:CBU) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 10,743 shares of the bank’s stock, valued at approximately $594,000.
Other hedge funds have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Community Bank System by 9.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,080 shares of the bank’s stock valued at $116,000 after buying an additional 174 shares during the last quarter. Pacad Investment Ltd. acquired a new position in shares of Community Bank System during the 2nd quarter worth about $139,000. SG Americas Securities LLC acquired a new position in shares of Community Bank System during the 3rd quarter worth about $151,000. Riverhead Capital Management LLC increased its stake in shares of Community Bank System by 104.4% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,862 shares of the bank’s stock worth $160,000 after purchasing an additional 1,462 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Community Bank System by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 3,501 shares of the bank’s stock worth $195,000 after purchasing an additional 524 shares during the last quarter. Hedge funds and other institutional investors own 69.19% of the company’s stock.
Several research firms have recently weighed in on CBU. Zacks Investment Research upgraded shares of Community Bank System from a “hold” rating to a “strong-buy” rating and set a $63.00 price objective on the stock in a research note on Tuesday, December 26th. Keefe, Bruyette & Woods restated a “hold” rating and set a $54.00 price objective on shares of Community Bank System in a research note on Friday, October 13th. Sandler O’Neill upgraded shares of Community Bank System from a “sell” rating to a “hold” rating in a research note on Thursday, December 21st. Finally, DA Davidson set a $55.00 price objective on shares of Community Bank System and gave the stock a “hold” rating in a research note on Tuesday, October 24th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $55.80.
Community Bank System (NYSE:CBU) last released its quarterly earnings data on Monday, October 23rd. The bank reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.06. The company had revenue of $137.30 million for the quarter, compared to analyst estimates of $138.74 million. Community Bank System had a net margin of 21.00% and a return on equity of 9.22%. Community Bank System’s revenue for the quarter was up 26.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.61 EPS. research analysts predict that Community Bank System, Inc. will post 2.66 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Friday, December 15th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.53%. The ex-dividend date is Thursday, December 14th. Community Bank System’s payout ratio is 62.10%.
In related news, Director R Kallet Michael sold 7,500 shares of Community Bank System stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $56.38, for a total transaction of $422,850.00. Following the completion of the sale, the director now owns 4,103 shares of the company’s stock, valued at approximately $231,327.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Nicholas A. Dicerbo sold 2,000 shares of Community Bank System stock in a transaction dated Tuesday, December 5th. The stock was sold at an average price of $56.00, for a total transaction of $112,000.00. Following the sale, the director now directly owns 184,622 shares of the company’s stock, valued at approximately $10,338,832. The disclosure for this sale can be found here. Insiders have sold a total of 15,440 shares of company stock valued at $862,488 in the last ninety days. 3.20% of the stock is currently owned by insiders.
WARNING: This report was first published by Community Financial News and is owned by of Community Financial News. If you are reading this report on another site, it was illegally stolen and reposted in violation of United States & international copyright & trademark laws. The legal version of this report can be viewed at https://www.com-unik.info/2018/01/01/gsa-capital-partners-llp-purchases-new-position-in-community-bank-system-inc-cbu.html.
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.
Want to see what other hedge funds are holding CBU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Community Bank System, Inc. (NYSE:CBU).
Receive News & Ratings for Community Bank System Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Community Bank System and related companies with MarketBeat.com's FREE daily email newsletter.