BlackRock Cuts Stake in Community Bank System to 9.0%
Ticker: CBU · Form: SC 13G/A · Filed: Jan 23, 2024 · CIK: 723188
| Field | Detail |
|---|---|
| Company | Community Bank System, Inc. (CBU) |
| Form Type | SC 13G/A |
| Filed Date | Jan 23, 2024 |
| Risk Level | medium |
| Sentiment | mixed |
Complexity: simple
Sentiment: mixed
Topics: institutional-ownership, stake-change, amendment, banking
TL;DR
**BlackRock trimmed its stake in Community Bank System, now owning 9.0% of shares.**
AI Summary
BlackRock Inc. filed an amended SC 13G/A on January 23, 2024, indicating a change in its ownership of Common Stock in COMMUNITY BANK SYSTEM INC. As of December 31, 2023, BlackRock reported beneficial ownership of 5,342,704 shares, representing 9.0% of the company's outstanding shares. This is a decrease from their previous reported ownership of 5,998,345 shares (10.1%) as of December 31, 2022. This matters to investors because BlackRock, a major institutional investor, has reduced its stake, which could signal a shift in their investment outlook for Community Bank System Inc. and potentially influence other investors' perceptions.
Why It Matters
A reduction in ownership by a major institutional investor like BlackRock can signal a change in their confidence in the company's future performance, potentially influencing market sentiment and the stock price.
Risk Assessment
Risk Level: medium — A decrease in institutional ownership by a major player like BlackRock can sometimes precede negative stock performance, indicating a potential loss of confidence.
Analyst Insight
An investor should monitor future institutional ownership filings and consider BlackRock's reduced stake as a data point, but not the sole factor, in their investment decision for Community Bank System Inc. Further research into the company's fundamentals and BlackRock's broader portfolio strategy would be prudent.
Key Numbers
- 5,342,704 — Shares owned by BlackRock (Represents BlackRock's beneficial ownership in Community Bank System Inc. as of December 31, 2023.)
- 9.0% — Percentage of class owned by BlackRock (Indicates BlackRock's current stake in Community Bank System Inc., a decrease from previous filings.)
- December 31, 2023 — Date of event (The specific date for which the ownership data is reported in this filing.)
- 0001086364-24-001409 — Accession Number (Unique identifier for this specific SEC filing.)
- 3 — Amendment Number (Indicates this is the third amendment to BlackRock's Schedule 13G for Community Bank System Inc.)
Key Players & Entities
- BlackRock Inc. (company) — the institutional investor filing the SC 13G/A
- COMMUNITY BANK SYSTEM INC (company) — the subject company whose shares are being reported
- 5,342,704 shares (dollar_amount) — the number of shares beneficially owned by BlackRock as of December 31, 2023
- 9.0% (dollar_amount) — the percentage of outstanding shares beneficially owned by BlackRock as of December 31, 2023
- 5,998,345 shares (dollar_amount) — the number of shares beneficially owned by BlackRock as of December 31, 2022 (from prior filing)
- 10.1% (dollar_amount) — the percentage of outstanding shares beneficially owned by BlackRock as of December 31, 2022 (from prior filing)
- December 31, 2023 (date) — the date of the event which requires this filing
- January 23, 2024 (date) — the filing date of the SC 13G/A amendment
Forward-Looking Statements
- Other institutional investors may review their positions in Community Bank System Inc. following BlackRock's reduction. (COMMUNITY BANK SYSTEM INC) — medium confidence, target: Q1 2024
- The stock price of Community Bank System Inc. might experience minor downward pressure or increased volatility in the short term. (COMMUNITY BANK SYSTEM INC) — low confidence, target: February 2024
FAQ
What is the purpose of this SC 13G/A filing by BlackRock Inc.?
This SC 13G/A is an amendment (Amendment No: 3) filed by BlackRock Inc. to update its beneficial ownership of Common Stock in COMMUNITY BANK SYSTEM INC. as of December 31, 2023, as required by Rule 13d-1(b) of the Securities Exchange Act of 1934.
How many shares of COMMUNITY BANK SYSTEM INC. Common Stock does BlackRock Inc. beneficially own according to this filing?
As of December 31, 2023, BlackRock Inc. beneficially owns 5,342,704 shares of COMMUNITY BANK SYSTEM INC. Common Stock.
What percentage of COMMUNITY BANK SYSTEM INC.'s outstanding Common Stock does BlackRock Inc.'s ownership represent?
BlackRock Inc.'s beneficial ownership of 5,342,704 shares represents 9.0% of the outstanding Common Stock of COMMUNITY BANK SYSTEM INC. as of December 31, 2023.
When was the event date that triggered this filing?
The date of the event which requires this filing was December 31, 2023, as stated in the filing.
What is the CUSIP number for the Common Stock of COMMUNITY BANK SYSTEM INC.?
The CUSIP number for the Common Stock of COMMUNITY BANK SYSTEM INC. is 203607106, as listed in the filing.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on January 23, 2024 regarding COMMUNITY BANK SYSTEM, INC. (CBU).