Bank of America Corp DE Trims Stock Position in Community Bank System, Inc. (NYSE:CBU)

Bank of America Corp DE lowered its stake in shares of Community Bank System, Inc. (NYSE:CBU - Free Report) by 15.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 246,514 shares of the bank's stock after selling 46,043 shares during the period. Bank of America Corp DE owned 0.47% of Community Bank System worth $15,205,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Community Bank System during the 4th quarter valued at approximately $34,779,000. JPMorgan Chase & Co. raised its position in Community Bank System by 210.0% in the fourth quarter. JPMorgan Chase & Co. now owns 348,405 shares of the bank's stock valued at $21,490,000 after purchasing an additional 236,028 shares during the period. Northern Trust Corp lifted its stake in shares of Community Bank System by 27.3% in the 4th quarter. Northern Trust Corp now owns 677,841 shares of the bank's stock valued at $41,809,000 after purchasing an additional 145,172 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of Community Bank System by 12.9% in the 4th quarter. Federated Hermes Inc. now owns 831,387 shares of the bank's stock valued at $51,280,000 after purchasing an additional 94,850 shares during the last quarter. Finally, Barclays PLC grew its holdings in shares of Community Bank System by 99.0% during the 3rd quarter. Barclays PLC now owns 109,647 shares of the bank's stock worth $6,367,000 after purchasing an additional 54,554 shares during the period. Institutional investors and hedge funds own 73.79% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of Community Bank System from a "sell" rating to a "hold" rating in a report on Friday, May 16th.

Community Bank System Stock Up 2.1%

Shares of NYSE:CBU traded up $1.16 during trading on Tuesday, hitting $56.82. The company's stock had a trading volume of 145,587 shares, compared to its average volume of 258,465. The company has a market capitalization of $3.00 billion, a PE ratio of 16.52 and a beta of 0.77. The business has a 50 day moving average price of $55.38 and a two-hundred day moving average price of $61.19. Community Bank System, Inc. has a fifty-two week low of $42.16 and a fifty-two week high of $73.39. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.76 and a current ratio of 0.76.

Community Bank System (NYSE:CBU - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The bank reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.02. Community Bank System had a return on equity of 10.94% and a net margin of 19.40%. The business had revenue of $196.20 million during the quarter, compared to analysts' expectations of $197.13 million. During the same quarter last year, the business posted $1.18 EPS. The business's quarterly revenue was up 10.7% compared to the same quarter last year. As a group, research analysts expect that Community Bank System, Inc. will post 4.18 EPS for the current fiscal year.

Community Bank System Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Friday, June 13th will be issued a $0.46 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.24%. Community Bank System's payout ratio is 50.97%.

Community Bank System Company 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.