Ausbil Investment Management Ltd Boosts Stake in Community Bank System, Inc.

Ausbil Investment Management Ltd has significantly increased its investment in Community Bank System, Inc. (NYSE:CBU - Free Report) during the third quarter, according to a recent Form 13F filing with the SEC. The firm raised its stake by an impressive 494.7%, now owning a total of 30,552 shares of the bank's stock. This increase included the purchase of an additional 25,415 shares in the same period. As per the latest filing, Ausbil Investment Management Ltd holds approximately 0.06% of Community Bank System, with a value of about $1,774,000.

A variety of other institutional investors have also changed their positions in Community Bank System recently. Dimensional Fund Advisors LP raised its stake by 8.8% in the second quarter, now owning 1,770,648 shares valued at $83,588,000 after acquiring an additional 142,909 shares. Victory Capital Management Inc. increased its position by 164.9% during the same quarter, now holding 213,167 shares worth $10,064,000 after purchasing an extra 132,697 shares. Assenagon Asset Management S.A. also raised its stake by 152.9%, owning 182,397 shares worth approximately $8,611,000 following an additional 110,288 shares acquisition. In the first quarter, Boston Partners and Waterford Advisors LLC entered new positions in Community Bank System, with valuations around $3,558,000 and $2,155,000, respectively. Currently, around 73.79% of the stock is owned by institutional investors and hedge funds.

Community Bank System Stock Performance

On Thursday, shares of CBU were down $0.68, trading at $57.44. The trading volume for the day was 28,380 shares, compared to an average of 281,511 shares. The stock has a fifty-day moving average of $58.91 and a 200-day moving average of $52.34. Community Bank System has a market capitalization of $3.03 billion, a PE ratio of 18.29, and a beta of 0.64. The stock has experienced a 52-week low of $36.42 and a high of $63.95.

Community Bank System, Inc. reported its earnings on Tuesday, October 22nd. The bank announced earnings per share (EPS) of $0.83 for the quarter, which fell short of the consensus estimate of $0.88 by $0.05. The bank recorded a return on equity of 8.94% and a net margin of 15.90%. Revenue for the quarter was $188.94 million, which exceeded analysts' expectations of $186.35 million. Compared to the same quarter last year, revenue increased by 7.7%, up from an EPS of $0.82 last year. Analysts project that Community Bank System will achieve $3.42 EPS for the current year.

Community Bank System Dividend Announcement

The company recently announced a quarterly dividend to be paid on Friday, January 10th, to stockholders of record as of Friday, December 13th. Shareholders will receive a dividend of $0.46 per share, translating to an annual dividend of $1.84 and a yield of 3.20%. The ex-dividend date is also noted as Friday, December 13th, and the company's current payout ratio stands at 57.86%.

Analyst Ratings Update

Analysts have recently provided updates on Community Bank System. On July 24th, Raymond James downgraded the stock from an "outperform" to a "market perform" rating. Additionally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and have set a price target of $59.00 for the shares in a report on September 10th. Presently, the stock carries two sell ratings and three hold ratings from research analysts. According to data, the stock's average rating is "Hold," with a consensus price target of $50.50.

Company Overview

Community Bank System, Inc. serves as the bank holding company for Community Bank, N.A., offering various banking and financial services to retail, commercial, institutional, and municipal clients. The institution operates in segments including Banking, Employee Benefit Services, and others. It provides deposit products such as interest and non-interest bearing checking accounts, savings accounts, money market accounts, and time deposits.

Conclusion

Investors and analysts continue to keep a close eye on Community Bank System, Inc. as it navigates market challenges while focusing on growth opportunities.

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