State of Tennessee Treasury Department Buys 4,730 Shares of Community Bank System, Inc. (CBU)

State of Tennessee Treasury Department raised its stake in shares of Community Bank System, Inc. (NYSE:CBU) by 11.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,132 shares of the bank’s stock after acquiring an additional 4,730 shares during the quarter. State of Tennessee Treasury Department owned approximately 0.09% of Community Bank System worth $2,573,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. LS Investment Advisors LLC boosted its position in Community Bank System by 8.2% during 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 boosted its position in Community Bank System by 62.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,906 shares of the bank’s stock valued at $105,000 after acquiring an additional 733 shares in the last quarter. Cutler Group LP boosted its position in Community Bank System by 118.7% during the 2nd quarter. Cutler Group LP now owns 2,016 shares of the bank’s stock valued at $112,000 after acquiring an additional 12,800 shares in the last quarter. Meadow Creek Investment Management LLC bought a new stake in Community Bank System during the 1st quarter valued at $126,000. Finally, Pacad Investment Ltd. bought a new stake in Community Bank System during the 2nd quarter valued at $139,000. 69.22% of the stock is currently owned by institutional investors and hedge funds.

In other Community Bank System news, Director Nicholas A. Dicerbo sold 3,000 shares of the company’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $56.03, for a total value of $168,090.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.20% of the company’s stock.

Several analysts have issued reports on CBU shares. BidaskClub cut Community Bank System from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Zacks Investment Research raised Community Bank System from a “hold” rating to a “strong-buy” rating and set a $58.00 target price on the stock in a research report on Tuesday, September 12th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $51.00 target price on shares of Community Bank System in a research report on Thursday, August 3rd. Finally, Royal Bank Of Canada reaffirmed a “hold” rating on shares of Community Bank System in a research report on Wednesday, August 2nd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a strong buy rating to the stock. Community Bank System currently has an average rating of “Hold” and an average target price of $54.80.

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Shares of Community Bank System, Inc. (NYSE CBU) opened at 51.99 on Friday. The firm has a market cap of $2.63 billion, a PE ratio of 24.86 and a beta of 1.09. The stock has a 50 day moving average price of $52.52 and a 200-day moving average price of $54.80. Community Bank System, Inc. has a 52-week low of $42.67 and a 52-week high of $63.04.

Community Bank System (NYSE:CBU) last issued its earnings results on Monday, July 31st. The bank reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.13. The firm had revenue of $129.26 million during the quarter, compared to the consensus estimate of $127.00 million. Community Bank System had a net margin of 20.63% and a return on equity of 9.04%. The company’s revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.58 earnings per share. On average, equities analysts anticipate that Community Bank System, Inc. will post $2.57 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 15th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.62%. This is an increase from Community Bank System’s previous quarterly dividend of $0.32. Community Bank System’s payout ratio is presently 64.15%.

About Community Bank System

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.

Institutional Ownership by Quarter for Community Bank System (NYSE:CBU)

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