Truist Financial Corp Has $4.22 Million Stock Holdings in Community Bank System, Inc. (NYSE:CBU)

Truist Financial Corp trimmed its position in shares of Community Bank System, Inc. (NYSE:CBU) by 20.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,375 shares of the bank’s stock after selling 23,274 shares during the quarter. Truist Financial Corp owned 0.17% of Community Bank System worth $4,219,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CBU. Point72 DIFC Ltd bought a new stake in Community Bank System during the 2nd quarter worth approximately $76,000. Benjamin Edwards Inc. increased its position in shares of Community Bank System by 40.7% during the first quarter. Benjamin Edwards Inc. now owns 2,695 shares of the bank’s stock worth $129,000 after acquiring an additional 780 shares in the last quarter. IFG Advisory LLC acquired a new stake in shares of Community Bank System during the second quarter worth $212,000. QRG Capital Management Inc. lifted its position 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 valued at $231,000 after acquiring an additional 212 shares in the last quarter. Finally, Dark Forest Capital Management LP acquired a new position in Community Bank System in the 2nd quarter worth $231,000. Institutional investors and hedge funds own 73.79% of the company’s stock.

Community Bank System Trading Down 0.7 %

Community Bank System stock opened at $56.91 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a 50-day moving average of $58.49 and a 200-day moving average of $51.35. The company has a market cap of $3.00 billion, a price-to-earnings ratio of 17.89 and a beta of 0.64. Community Bank System, Inc. has a one year low of $35.38 and a one year high of $63.95.

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

Community Bank System Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Friday, September 13th will be paid a $0.46 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.84 dividend on an annualized basis and a yield of 3.23%. This is a boost from Community Bank System’s previous quarterly dividend of $0.45. Community Bank System’s dividend payout ratio (DPR) is currently 57.86%.

Analysts Set New Price Targets

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

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.