Dark Forest Capital Management LP Invests $231,000 in Community Bank System, Inc. (NYSE:CBU)

Dark Forest Capital Management LP bought a new stake in shares of Community Bank System, Inc. (NYSE:CBU) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,886 shares of the bank’s stock, valued at approximately $231,000.

Several other hedge funds have also bought and sold shares of the stock. Point72 DIFC Ltd purchased a new position in shares of Community Bank System during the 2nd quarter valued at about $76,000. Benjamin Edwards Inc. increased its stake in shares of Community Bank System by 40.7% in the first quarter. Benjamin Edwards Inc. now owns 2,695 shares of the bank’s stock worth $129,000 after purchasing an additional 780 shares in the last quarter. TFO Wealth Partners LLC increased its stake in shares of Community Bank System by 37,162.5% in the fourth quarter. TFO Wealth Partners LLC now owns 2,981 shares of the bank’s stock worth $155,000 after purchasing an additional 2,973 shares in the last quarter. IFG Advisory LLC bought a new stake in shares of Community Bank System during the 2nd quarter valued at $212,000. Finally, QRG Capital Management Inc. boosted its holdings in Community Bank System by 4.5% in the 2nd quarter. QRG Capital Management Inc. now owns 4,895 shares of the bank’s stock worth $231,000 after buying an additional 212 shares during the period. Institutional investors own 73.79% of the company’s stock.

Wall Street Analysts Forecast Growth

CBU has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $59.00 price target on shares of Community Bank System in a report on Tuesday, September 10th. Raymond James cut Community Bank System from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $50.50.

Community Bank System Stock Up 0.1 %

CBU opened at $57.20 on Monday. The company has a market capitalization of $3.02 billion, a PE ratio of 17.99 and a beta of 0.64. The firm has a 50-day simple moving average of $59.04 and a two-hundred day simple moving average of $50.74. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.43. Community Bank System, Inc. has a 52 week low of $35.38 and a 52 week high of $63.95.

Community Bank System (NYSE:CBU) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.14. The company had revenue of $183.80 million during the quarter, compared to analyst estimates of $180.05 million. Community Bank System had a return on equity of 8.94% and a net margin of 15.90%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.91 earnings per share. Analysts forecast that Community Bank System, Inc. will post 3.42 earnings per share for the current fiscal year.

Community Bank System Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Friday, September 13th will be paid a dividend of $0.46 per share. This is an increase from Community Bank System’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, September 13th. This represents a $1.84 dividend on an annualized basis and a yield of 3.22%. Community Bank System’s dividend payout ratio is presently 57.86%.

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, 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.