Community Bank System, Inc. (NYSE:CBU) Sees Large Decrease in Short Interest

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

Community Bank System Stock Performance

CBU traded down $2.34 during mid-day trading on Tuesday, reaching $65.20. 219,674 shares of the company traded hands, compared to its average volume of 275,813. The company’s fifty day moving average price is $65.14 and its 200-day moving average price is $58.11. The stock has a market capitalization of $3.43 billion, a P/E ratio of 20.37 and a beta of 0.65. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.35. Community Bank System has a 52-week low of $41.50 and a 52-week high of $73.39.

Community Bank System (NYSE:CBU) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.05). The firm had revenue of $188.94 million for the quarter, compared to analysts’ expectations of $186.35 million. Community Bank System had a net margin of 18.82% and a return on equity of 10.52%. The firm’s revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.82 EPS. On average, sell-side analysts expect that Community Bank System will post 3.39 EPS for the current year.

Community Bank System Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 13th will be paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 2.82%. The ex-dividend date is Friday, December 13th. Community Bank System’s dividend payout ratio (DPR) is presently 57.32%.

Analysts Set New Price Targets

Several brokerages have commented on CBU. Raymond James upgraded Community Bank System from a “market perform” rating to a “strong-buy” rating and set a $67.00 target price on the stock in a research note on Monday, October 28th. Keefe, Bruyette & Woods increased their price objective 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. Finally, Piper Sandler began coverage on Community Bank System in a research report on Thursday, December 5th. They issued a “neutral” rating and a $70.00 target price for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $65.25.

Insider Activity at Community Bank System

In other news, Director John F. Whipple sold 3,937 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $73.10, for a total value of $287,794.70. Following the transaction, the director now owns 5,823 shares in the company, valued at approximately $425,661.30. This represents a 40.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.89% of the stock is owned by corporate insiders.

Institutional Trading of Community Bank System

Several large investors have recently added to or reduced their stakes in the business. Point72 DIFC Ltd bought a new stake in Community Bank System during the second quarter valued at about $76,000. KBC Group NV grew its stake in shares of Community Bank System by 23.6% during the 3rd quarter. KBC Group NV now owns 1,816 shares of the bank’s stock valued at $105,000 after acquiring an additional 347 shares during the period. Stone House Investment Management LLC increased its holdings in Community Bank System by 51.0% in the 3rd quarter. Stone House Investment Management LLC now owns 2,360 shares of the bank’s stock worth $137,000 after acquiring an additional 797 shares in the last quarter. Benjamin Edwards Inc. raised its stake in Community Bank System by 27.5% during the 2nd quarter. Benjamin Edwards Inc. now owns 3,436 shares of the bank’s stock worth $162,000 after acquiring an additional 741 shares during the period. Finally, IFG Advisory LLC purchased a new position in Community Bank System during the second quarter valued at approximately $212,000. 73.79% of the stock is currently owned by institutional investors.

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.