Advisors Preferred LLC acquired a new stake in Community Bank System, Inc. (NYSE:CBU) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 6,741 shares of the bank’s stock, valued at approximately $403,000.
A number of other hedge funds have also made changes to their positions in the business. Bank of New York Mellon Corp increased its holdings in shares of Community Bank System by 3.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 757,782 shares of the bank’s stock valued at $46,278,000 after acquiring an additional 23,652 shares during the last quarter. Teachers Advisors LLC increased its holdings in shares of Community Bank System by 1.4% in the 3rd quarter. Teachers Advisors LLC now owns 105,007 shares of the bank’s stock valued at $6,413,000 after acquiring an additional 1,451 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Community Bank System by 7.8% in the 3rd quarter. Legal & General Group Plc now owns 118,668 shares of the bank’s stock valued at $7,231,000 after acquiring an additional 8,548 shares during the last quarter. Morgan Stanley increased its holdings in shares of Community Bank System by 35.5% in the 3rd quarter. Morgan Stanley now owns 260,828 shares of the bank’s stock valued at $15,929,000 after acquiring an additional 68,279 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Community Bank System by 1.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,628,200 shares of the bank’s stock valued at $343,714,000 after acquiring an additional 104,088 shares during the last quarter. 71.39% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on the company. Zacks Investment Research upgraded Community Bank System from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. Stephens assumed coverage on Community Bank System in a report on Tuesday, April 9th. They issued an “equal weight” rating and a $63.00 price objective on the stock. Boenning Scattergood reiterated a “hold” rating on shares of Community Bank System in a report on Wednesday, January 23rd. Finally, ValuEngine downgraded Community Bank System from a “buy” rating to a “hold” rating in a report on Tuesday, March 5th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Community Bank System currently has an average rating of “Hold” and a consensus price target of $68.00.
Community Bank System (NYSE:CBU) last announced its earnings results on Monday, April 22nd. The bank reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.05. The firm had revenue of $142.60 million during the quarter, compared to analysts’ expectations of $142.48 million. Community Bank System had a return on equity of 10.49% and a net margin of 28.93%. The business’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.78 EPS. On average, research analysts expect that Community Bank System, Inc. will post 3.27 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Friday, March 15th were given a $0.38 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.31%. Community Bank System’s dividend payout ratio (DPR) is presently 45.10%.
In related news, Director R Kallet Michael sold 6,725 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $62.49, for a total value of $420,245.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.15% of the stock is owned by corporate insiders.
About Community Bank System
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, and municipal customers. It operates through three segments: Banking, Employee Benefit Services, and All Other. The company offers various deposits products, such as checking, savings, and money market accounts, as well as time deposits.
Further Reading: Capital gains and your 401(k) or IRA
Want to see what other hedge funds are holding CBU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Community Bank System, Inc. (NYSE:CBU).
Receive News & Ratings for Community Bank System Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Community Bank System and related companies with MarketBeat.com's FREE daily email newsletter.