KLP Kapitalforvaltning AS Makes New Investment in Community Bank System, Inc. (NYSE:CBU)

KLP Kapitalforvaltning AS purchased a new position in Community Bank System, Inc. (NYSE:CBU) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,900 shares of the bank’s stock, valued at approximately $676,000.

A number of other hedge funds also recently modified their holdings of the business. Barclays PLC increased its stake in Community Bank System by 99.0% during the 3rd quarter. Barclays PLC now owns 109,647 shares of the bank’s stock worth $6,367,000 after purchasing an additional 54,554 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Community Bank System by 56.1% during the third quarter. BNP Paribas Financial Markets now owns 22,582 shares of the bank’s stock worth $1,311,000 after acquiring an additional 8,113 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Community Bank System by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 254,869 shares of the bank’s stock worth $15,720,000 after acquiring an additional 7,160 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Community Bank System by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 652,991 shares of the bank’s stock worth $37,919,000 after acquiring an additional 9,863 shares during the period. Finally, Tidal Investments LLC lifted its position in Community Bank System by 48.4% in the 3rd quarter. Tidal Investments LLC now owns 30,866 shares of the bank’s stock valued at $1,792,000 after acquiring an additional 10,060 shares in the last quarter. Institutional investors and hedge funds own 73.79% of the company’s stock.

Community Bank System Stock Performance

Shares of CBU opened at $56.87 on Wednesday. The firm has a fifty day simple moving average of $62.18 and a 200 day simple moving average of $62.65. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.42. Community Bank System, Inc. has a 12 month low of $41.50 and a 12 month high of $73.39. The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of 16.53 and a beta of 0.66.

Community Bank System (NYSE:CBU) last released its earnings results on Tuesday, January 21st. The bank reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.04. Community Bank System had a return on equity of 10.94% and a net margin of 19.40%. The business had revenue of $196.30 million for the quarter, compared to the consensus estimate of $190.95 million. During the same quarter in the previous year, the business earned $0.76 earnings per share. Community Bank System’s quarterly revenue was up 10.8% on a year-over-year basis. Research analysts forecast that Community Bank System, Inc. will post 4.18 EPS for the current fiscal year.

Community Bank System Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Friday, March 14th will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date is Friday, March 14th. Community Bank System’s dividend payout ratio is currently 53.49%.

Analyst Ratings Changes

A number of equities analysts have issued reports on CBU shares. Piper Sandler started coverage on Community Bank System in a report on Thursday, December 5th. They set a “neutral” rating and a $70.00 target price for the company. Keefe, Bruyette & Woods increased their price objective on Community Bank System from $74.00 to $76.00 and gave the stock a “market perform” rating in a report on Wednesday, January 22nd.

Insider Activity

In other Community Bank System news, SVP Jeffrey M. Levy sold 1,136 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $65.98, for a total transaction of $74,953.28. Following the sale, the senior vice president now directly owns 6,539 shares of the company’s stock, valued at approximately $431,443.22. This represents a 14.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.89% of the stock is currently owned by insiders.

Community Bank System Company Profile

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, institutional, and municipal customers. It operates through three segments: Banking, Employee Benefit Services, and All Other. The company offers various deposits products, such as interest and noninterest -bearing checking, savings, and money market deposit accounts, as well as time deposits.