Community Bank System, Inc. (CBU) Shares Bought by Principal Financial Group Inc.
Principal Financial Group Inc. lifted its position in shares of Community Bank System, Inc. (NYSE:CBU) by 1.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 421,316 shares of the bank’s stock after acquiring an additional 6,095 shares during the quarter. Principal Financial Group Inc. owned approximately 0.83% of Community Bank System worth $23,277,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in Community Bank System by 11.2% in the second quarter. BlackRock Inc. now owns 6,034,186 shares of the bank’s stock valued at $336,527,000 after purchasing an additional 609,319 shares during the last quarter. State Street Corp raised its holdings in Community Bank System by 69.6% during the second quarter. State Street Corp now owns 5,020,816 shares of the bank’s stock worth $280,008,000 after acquiring an additional 2,059,920 shares in the last quarter. Vanguard Group Inc. raised its holdings in Community Bank System by 7.9% during the second quarter. Vanguard Group Inc. now owns 4,808,411 shares of the bank’s stock worth $268,165,000 after acquiring an additional 353,538 shares in the last quarter. Northern Trust Corp raised its holdings in Community Bank System by 6.8% during the second quarter. Northern Trust Corp now owns 1,459,745 shares of the bank’s stock worth $81,410,000 after acquiring an additional 92,700 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Community Bank System by 7.5% during the second quarter. Goldman Sachs Group Inc. now owns 1,201,394 shares of the bank’s stock worth $67,001,000 after acquiring an additional 84,015 shares in the last quarter. Institutional investors own 68.69% of the company’s stock.
Community Bank System, Inc. (CBU) opened at $53.72 on Wednesday. The firm has a market cap of $2,691.40, a price-to-earnings ratio of 19.62, a PEG ratio of 2.04 and a beta of 1.09. Community Bank System, Inc. has a 1-year low of $48.89 and a 1-year high of $63.04. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.72 and a quick ratio of 0.72.
Community Bank System (NYSE:CBU) last announced its earnings results on Monday, October 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.06. Community Bank System had a net margin of 21.00% and a return on equity of 9.22%. The company had revenue of $137.30 million during the quarter, compared to analyst estimates of $138.74 million. During the same period in the previous year, the business earned $0.61 earnings per share. The firm’s quarterly revenue was up 26.7% compared to the same quarter last year. research analysts expect that Community Bank System, Inc. will post 2.61 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Friday, December 15th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date is Thursday, December 14th. Community Bank System’s payout ratio is currently 62.10%.
Several research firms have issued reports on CBU. Zacks Investment Research lowered Community Bank System from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $51.00 target price on shares of Community Bank System in a report on Thursday, August 3rd. Royal Bank Of Canada reissued a “hold” rating on shares of Community Bank System in a report on Wednesday, August 2nd. BidaskClub downgraded Community Bank System from a “sell” rating to a “strong sell” rating in a report on Monday, August 14th. Finally, DA Davidson set a $55.00 price objective on Community Bank System and gave the company a “hold” rating in a report on Tuesday, October 24th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating and five have issued a hold rating to the company. The stock has an average rating of “Hold” and a consensus target price of $55.20.
In other Community Bank System news, Director Brian R. Ace sold 5,457 shares of the firm’s stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $53.35, for a total transaction of $291,130.95. Following the completion of the transaction, the director now owns 55,647 shares of the company’s stock, valued at $2,968,767.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric Stickels sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $53.24, for a total transaction of $266,200.00. Following the transaction, the director now directly owns 11,345 shares of the company’s stock, valued at approximately $604,007.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,457 shares of company stock valued at $1,085,081. 3.20% of the stock is owned by insiders.
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Community Bank System Company 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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