State of Alaska Department of Revenue Holds $1.84 Million in Community Bank System, Inc. (NYSE: CBU)

The State of Alaska Department of Revenue has made adjustments to its investment portfolio, specifically reducing its holdings in Community Bank System, Inc. (NYSE: CBU) by 0.6% during the fourth quarter. According to the latest 13F filing with the SEC, the department now owns 29,807 shares of the bank’s stock after offloading 183 shares in the recent quarter. Valued at approximately $1,838,000, these holdings represent a significant investment in this financial institution.

In addition to the Alaska Department of Revenue, several other institutional investors have also made movements regarding Community Bank System shares. Barclays PLC has increased its stake significantly by 99% during the third quarter, bringing its total to 109,647 shares valued at $6,367,000 after acquiring an additional 54,554 shares. Similarly, BNP Paribas Financial Markets raised its position by 56.1%, now holding 22,582 shares valued at around $1,311,000. Ausbil Investment Management Ltd has shown the most notable change, lifting its position by 494.7% and owning 30,552 shares worth $1,774,000 after adding 25,415 shares. Other investors like Citigroup Inc. and Charles Schwab Investment Management Inc. have also increased their stakes. Together, these institutional investors hold approximately 73.79% of the company’s shares.

Performance of Community Bank System Stock

As for market performance, shares of Community Bank System opened at $67.02. The stock has a 50-day simple moving average of $64.26 and a 200-day simple moving average of $62.31. Over the past year, the stock has fluctuated, hitting a low of $41.50 and a high of $73.39. The company boasts a market capitalization of $3.52 billion, a P/E ratio of 19.48, and a relatively low beta of 0.67, reflecting less volatility compared to the overall market.

Community Bank System recently reported its earnings for the last quarter, which exceeded analysts’ expectations. The bank posted an earnings per share (EPS) of $0.94, surpassing the consensus estimate of $0.90 by $0.04. The revenue for the quarter reached $196.30 million, beating predictions of $190.95 million. With a year-over-year revenue increase of 10.8%, the bank is anticipated to report an EPS of 4.18 for the current year.

Dividends and Payouts

On the subject of dividends, Community Bank System has announced a quarterly dividend set to be paid on April 10th. Shareholders as of March 14th will receive $0.46 per share, which equates to an annualized dividend of $1.84 and a yield of 2.75%. The company maintains a dividend payout ratio of 53.49%, indicating a healthy balance between reinvesting in the business and returning capital to shareholders.

Recent Insider Trades

In terms of insider trading activity, SVP Jeffrey M. Levy recently sold 1,136 shares at an average price of $65.98, which brought in about $74,953.28 but resulted in a 14.80% reduction in his stock ownership. Director John F. Whipple also sold 3,937 shares for approximately $287,794.70, reducing his stake by 40.34%. Currently, insiders own about 1.89% of the stocks, hinting at modest insider confidence.

Market Analyst Opinions

Several financial analysts have stated their views on Community Bank System. Keefe, Bruyette & Woods raised their price target on the stock from $74 to $76 and rated it as a “market perform.” Piper Sandler recently initiated coverage with a “neutral” rating at a $70 price target. Meanwhile, Raymond James upgraded the stock from “market perform” to “strong-buy” with a price objective of $67, reflecting positivity towards CBU’s performance potential.

Alaska, Investment, Banking