Canandaigua National Bank & Trust Co. Has $1.99 Million Stock Holdings in Community Bank System, Inc. (NYSE:CBU)

Canandaigua National Bank & Trust Co. decreased its position in Community Bank System, Inc. (NYSE:CBU) by 1.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,311 shares of the bank’s stock after selling 594 shares during the quarter. Canandaigua National Bank & Trust Co. owned approximately 0.06% of Community Bank System worth $1,993,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of CBU. Dimensional Fund Advisors LP boosted its holdings in Community Bank System by 8.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,770,648 shares of the bank’s stock valued at $83,588,000 after acquiring an additional 142,909 shares during the period. Geode Capital Management LLC boosted its stake in Community Bank System by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,208,859 shares of the bank’s stock valued at $70,212,000 after purchasing an additional 8,751 shares during the period. Federated Hermes Inc. grew its holdings in Community Bank System by 6.8% in the 2nd quarter. Federated Hermes Inc. now owns 691,879 shares of the bank’s stock valued at $32,664,000 after buying an additional 44,137 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Community Bank System by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 652,991 shares of the bank’s stock worth $37,919,000 after buying an additional 9,863 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of Community Bank System by 164.9% during the second quarter. Victory Capital Management Inc. now owns 213,167 shares of the bank’s stock worth $10,064,000 after buying an additional 132,697 shares during the last quarter. 73.79% of the stock is currently owned by institutional investors and hedge funds.

Community Bank System Stock Performance

CBU traded down $0.53 during trading on Monday, reaching $61.44. 165,722 shares of the company’s stock were exchanged, compared to its average volume of 145,224. Community Bank System, Inc. has a fifty-two week low of $41.50 and a fifty-two week high of $73.39. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $3.23 billion, a P/E ratio of 19.14 and a beta of 0.67. The business has a 50 day moving average price of $65.99 and a 200 day moving average price of $59.78.

Community Bank System (NYSE:CBU) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.05). The company had revenue of $188.94 million during the quarter, compared to analyst estimates of $186.35 million. Community Bank System had a return on equity of 10.52% and a net margin of 18.82%. The company’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.82 earnings per share. As a group, analysts predict that Community Bank System, Inc. will post 3.39 earnings per share for the current fiscal year.

Community Bank System Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 13th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 2.99%. The ex-dividend date is Friday, December 13th. Community Bank System’s payout ratio is 57.32%.

Insider Activity at Community Bank System

In other news, Director John F. Whipple sold 3,937 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $73.10, for a total transaction of $287,794.70. Following the completion of the sale, the director now owns 5,823 shares of the company’s stock, valued at approximately $425,661.30. This trade represents a 40.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.89% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CBU. Piper Sandler began coverage on shares of Community Bank System in a research note on Thursday, December 5th. They issued a “neutral” rating and a $70.00 price objective on the stock. Raymond James upgraded shares of Community Bank System from a “market perform” rating to a “strong-buy” rating and set a $67.00 price objective on the stock in a report on Monday, October 28th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Community Bank System from $64.00 to $74.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Community Bank System has a consensus rating of “Hold” and a consensus price target of $65.25.

Community Bank System 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.