Rhumbline Advisers Sells 5,424 Shares of Community Bank System, Inc. (NYSE:CBU)

Rhumbline Advisers decreased its position in shares of Community Bank System, Inc. (NYSE:CBU) by 3.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 168,079 shares of the bank’s stock after selling 5,424 shares during the quarter. Rhumbline Advisers owned about 0.32% of Community Bank System worth $7,935,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CBU. Louisiana State Employees Retirement System lifted its stake in Community Bank System by 0.8% in the second quarter. Louisiana State Employees Retirement System now owns 26,600 shares of the bank’s stock valued at $1,256,000 after buying an additional 200 shares in the last quarter. QRG Capital Management Inc. lifted its stake in Community Bank System by 4.5% in the second quarter. QRG Capital Management Inc. now owns 4,895 shares of the bank’s stock valued at $231,000 after buying an additional 212 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Community Bank System by 6.2% in the second quarter. CIBC Asset Management Inc now owns 5,235 shares of the bank’s stock valued at $247,000 after buying an additional 307 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Community Bank System by 1.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 47,591 shares of the bank’s stock valued at $2,283,000 after buying an additional 555 shares in the last quarter. Finally, Texas Permanent School Fund Corp lifted its stake in Community Bank System by 1.2% in the first quarter. Texas Permanent School Fund Corp now owns 46,671 shares of the bank’s stock valued at $2,242,000 after buying an additional 573 shares in the last quarter. Institutional investors own 73.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $59.00 price target on shares of Community Bank System in a research note on Tuesday. Raymond James lowered shares of Community Bank System from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $50.50.

Community Bank System Price Performance

NYSE CBU opened at $56.59 on Friday. 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 12-month low of $35.38 and a 12-month high of $63.95. The company has a market capitalization of $2.99 billion, a PE ratio of 17.80 and a beta of 0.64. The firm’s 50 day moving average is $57.58 and its 200-day moving average is $49.68.

Community Bank System (NYSE:CBU) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.14. Community Bank System had a net margin of 15.90% and a return on equity of 8.94%. The company had revenue of $183.80 million for the quarter, compared to the consensus estimate of $180.05 million. During the same period last year, the company earned $0.91 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. Equities research analysts anticipate that Community Bank System, Inc. will post 3.34 earnings per share for the current fiscal year.

Community Bank System Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Friday, September 13th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 3.25%. This is an increase from Community Bank System’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, September 13th. Community Bank System’s 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.