Goldman Sachs Group Inc. Acquires 84,015 Shares of Community Bank System, Inc. (CBU)
Goldman Sachs Group Inc. boosted its holdings in Community Bank System, Inc. (NYSE:CBU) by 7.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,201,394 shares of the bank’s stock after buying an additional 84,015 shares during the period. Goldman Sachs Group Inc. owned approximately 2.38% of Community Bank System worth $67,001,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Crawford Investment Counsel Inc. purchased a new position in Community Bank System in the 2nd quarter valued at approximately $1,342,000. Comerica Bank grew its position in shares of Community Bank System by 4.6% during the 2nd quarter. Comerica Bank now owns 51,559 shares of the bank’s stock valued at $2,812,000 after purchasing an additional 2,254 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Community Bank System by 12.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 91,759 shares of the bank’s stock valued at $5,117,000 after purchasing an additional 10,156 shares in the last quarter. Swiss National Bank grew its position in shares of Community Bank System by 14.0% during the 2nd quarter. Swiss National Bank now owns 83,800 shares of the bank’s stock valued at $4,674,000 after purchasing an additional 10,300 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its position in shares of Community Bank System by 4.8% during the 1st quarter. Parametric Portfolio Associates LLC now owns 85,760 shares of the bank’s stock valued at $4,715,000 after purchasing an additional 3,928 shares in the last quarter. Institutional investors and hedge funds own 68.98% of the company’s stock.
Community Bank System, Inc. (NYSE CBU) opened at 55.82 on Friday. The company has a market cap of $2.82 billion, a P/E ratio of 26.70 and a beta of 1.10. The company’s 50-day moving average is $52.46 and its 200-day moving average is $54.41. Community Bank System, Inc. has a 12 month low of $42.67 and a 12 month high of $63.04.
Community Bank System (NYSE:CBU) last released its earnings results on Monday, July 31st. The bank reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.13. The company had revenue of $129.26 million for 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%. Community Bank System’s revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.58 EPS. On average, equities research analysts expect that Community Bank System, Inc. will post $2.57 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 15th will be issued a $0.34 dividend. This is an increase from Community Bank System’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a dividend yield of 2.44%. The ex-dividend date is Thursday, September 14th. Community Bank System’s dividend payout ratio is 64.15%.
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In other news, Director Brian R. Ace sold 5,457 shares of the company’s stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $53.35, for a total value of $291,130.95. Following the sale, the director now directly owns 55,647 shares of the company’s stock, valued at approximately $2,968,767.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director R Kallet Michael sold 5,000 shares of the company’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $52.55, for a total transaction of $262,750.00. Following the completion of the sale, the director now directly owns 16,603 shares in the company, valued at $872,487.65. The disclosure for this sale can be found here. Insiders sold a total of 20,457 shares of company stock worth $1,085,081 over the last ninety days. Insiders own 3.20% of the company’s stock.
Several research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Community Bank System from a “strong-buy” rating to a “hold” rating in a research report on Monday. Royal Bank Of Canada reissued a “hold” rating on shares of Community Bank System in a research note on Wednesday, August 2nd. BidaskClub downgraded shares of Community Bank System from a “sell” rating to a “strong sell” rating in a research note on Monday, August 14th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $51.00 price objective on shares of Community Bank System in a research note on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. Community Bank System has an average rating of “Hold” and an average target price of $54.80.
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.
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