Over the last couple weeks I reinitiated a position in Community Bank System, Inc (CBU) at an average price of $58.34. I had sold the position back in April of 2019 to raise cash. Community Bank System in currently our 13th largest position at this time.
I had already recently added more on the COVID pullback which made the stock a lot cheaper than it has been in a while. After already adding a lot to my top picks at lower prices and the huge comeback in the market it’s getting harder to find real bargains. I think short-term thinking pullbacks like what happened on Friday can created some good opportunities such as this.
Reason for Opportunity in Community Bank System
Banking and financial stocks have been slow to recover this year and there are still significant bargains in this area, particular with regional banks that are well capitalized, little exposure to risky investments and paying a good dividend like Community Bank System.
I may add more if the price stays around this level depending on other opportunities.