Community Bank System, Inc. (NYSE:CBU) Short Interest Update

Community Bank System, Inc. (NYSE:CBU) was the recipient of a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 1,160,000 shares, a decline of 7.2% from the November 15th total of 1,250,000 shares. Based on an average daily volume of 246,100 shares, the days-to-cover ratio is currently 4.7 days. Approximately 2.2% of the company’s shares are sold short.

Community Bank System Stock Performance

Shares of Community Bank System stock traded down $2.34 during trading on Tuesday, hitting $65.20. 219,674 shares of the company’s stock were exchanged, compared to its average volume of 275,813. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of 20.37 and a beta of 0.65. The business has a 50-day simple moving average of $65.14 and a 200-day simple moving average of $58.11. Community Bank System has a 52-week low of $41.50 and a 52-week high of $73.39. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.76 and a current ratio of 0.76.

Community Bank System (NYSE:CBU) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.05). The company had revenue of $188.94 million for the quarter, compared to analyst estimates of $186.35 million. Community Bank System had a return on equity of 10.52% and a net margin of 18.82%. Community Bank System’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.82 earnings per share. On average, research analysts forecast that Community Bank System will post 3.39 EPS for the current year.

Community Bank System Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 13th will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend is Friday, December 13th. Community Bank System’s payout ratio is presently 57.32%.

Insider Transactions at Community Bank System

In related news, Director John F. Whipple sold 3,937 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $73.10, for a total value of $287,794.70. Following the sale, the director now directly owns 5,823 shares of the company’s stock, valued at $425,661.30. This represents a 40.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.89% of the company’s stock.

Institutional Investors Weigh In On Community Bank System

Several hedge funds have recently bought and sold shares of CBU. Louisiana State Employees Retirement System raised its holdings in Community Bank System by 0.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 26,600 shares of the bank’s stock worth $1,256,000 after purchasing an additional 200 shares during the period. Arizona State Retirement System lifted its position in shares of Community Bank System by 1.8% during the 2nd quarter. Arizona State Retirement System now owns 14,930 shares of the bank’s stock valued at $705,000 after buying an additional 258 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of Community Bank System by 6.2% during the 2nd 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. KBC Group NV increased its holdings in Community Bank System by 23.6% in the 3rd quarter. KBC Group NV now owns 1,816 shares of the bank’s stock worth $105,000 after acquiring an additional 347 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in Community Bank System by 1.7% during the second quarter. The Manufacturers Life Insurance Company now owns 29,088 shares of the bank’s stock worth $1,373,000 after acquiring an additional 484 shares during the period. Hedge funds and other institutional investors own 73.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on CBU. Piper Sandler initiated coverage on Community Bank System in a research note on Thursday, December 5th. They set a “neutral” rating and a $70.00 price target on the stock. Raymond James raised shares of Community Bank System from a “market perform” rating to a “strong-buy” rating and set a $67.00 price objective for the company in a research report on Monday, October 28th. Finally, Keefe, Bruyette & Woods upped their target price on Community Bank System from $64.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $65.25.

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.