Neuberger Berman Group LLC Decreases Stake in Community Bank System, Inc. (CBU)
Neuberger Berman Group LLC reduced its stake in Community Bank System, Inc. (NYSE:CBU) by 1.5% during the second quarter, according to its most recent filing with the SEC. The fund owned 2,355,294 shares of the bank’s stock after selling 34,904 shares during the period. Neuberger Berman Group LLC owned about 4.66% of Community Bank System worth $131,355,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Teachers Advisors LLC boosted its stake in shares of Community Bank System by 2.1% in the fourth quarter. Teachers Advisors LLC now owns 84,048 shares of the bank’s stock valued at $5,193,000 after buying an additional 1,748 shares during the period. Bank of Montreal Can boosted its position in shares of Community Bank System by 0.6% in the first quarter. Bank of Montreal Can now owns 4,182 shares of the bank’s stock worth $230,000 after buying an additional 25 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Community Bank System by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 4,920 shares of the bank’s stock worth $270,000 after buying an additional 100 shares in the last quarter. Glen Harbor Capital Management LLC bought a new position in shares of Community Bank System during the first quarter worth $153,000. Finally, Janney Montgomery Scott LLC boosted its position in shares of Community Bank System by 1.6% in the first quarter. Janney Montgomery Scott LLC now owns 20,642 shares of the bank’s stock worth $1,135,000 after buying an additional 320 shares in the last quarter. Hedge funds and other institutional investors own 69.22% of the company’s stock.
Community Bank System, Inc. (CBU) opened at 51.67 on Wednesday. The stock has a market cap of $2.61 billion, a PE ratio of 24.71 and a beta of 1.07. The company has a 50-day moving average price of $54.07 and a 200-day moving average price of $55.67. 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 announced its quarterly earnings data on Monday, July 31st. The bank reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.13. The company had revenue of $129.26 million for the quarter, compared to the consensus estimate of $127 million. Community Bank System had a return on equity of 9.04% and a net margin of 20.63%. The firm’s revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.58 EPS. Analysts anticipate that Community Bank System, Inc. will post $2.57 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 15th will be paid a $0.34 dividend. The ex-dividend date is Thursday, September 14th. 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 2.63%. Community Bank System’s dividend payout ratio is 60.38%.
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CBU has been the topic of a number of analyst reports. Piper Jaffray Companies reissued a “hold” rating and issued a $51.00 price target on shares of Community Bank System in a research note on Thursday, August 3rd. Royal Bank Of Canada reissued a “hold” rating on shares of Community Bank System in a research note on Wednesday, August 2nd. Finally, BidaskClub cut Community Bank System from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Two research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Community Bank System has an average rating of “Hold” and an average price target of $53.60.
In other news, Director Nicholas A. Dicerbo sold 3,000 shares of the stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $56.03, for a total value of $168,090.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.20% of the company’s stock.
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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