Community Bank System Inc. (CBU) Downgraded by Zacks Investment Research
Community Bank System Inc. (NYSE:CBU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Community Bank System, Inc. is a bank holding company. “
CBU has been the subject of several other reports. Hovde Group boosted their price target on Community Bank System from $38.00 to $43.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 26th. Sandler O’Neill lowered Community Bank System from a “buy” rating to a “hold” rating in a research report on Friday, July 22nd. Five equities research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and a consensus target price of $41.50.
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Community Bank System (NYSE:CBU) traded up 0.43% on Tuesday, hitting $46.77. The stock had a trading volume of 79,514 shares. The company has a 50 day moving average price of $46.04 and a 200-day moving average price of $41.55. Community Bank System has a 52-week low of $34.27 and a 52-week high of $48.19. The company has a market cap of $2.07 billion, a price-to-earnings ratio of 21.24 and a beta of 0.98.
Community Bank System (NYSE:CBU) last released its quarterly earnings results on Wednesday, July 20th. The company reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.02. The firm earned $107.10 million during the quarter, compared to analyst estimates of $106.66 million. Community Bank System had a return on equity of 8.64% and a net margin of 22.93%. The business’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.58 EPS. On average, equities research analysts predict that Community Bank System will post $2.31 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 10th. Investors of record on Thursday, September 15th will be given a dividend of $0.32 per share. This is a positive change from Community Bank System’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend is Tuesday, September 13th. Community Bank System’s dividend payout ratio is currently 58.18%.
In other Community Bank System news, Director Brian R. Ace sold 3,817 shares of the business’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $43.40, for a total transaction of $165,657.80. Following the sale, the director now owns 50,275 shares in the company, valued at approximately $2,181,935. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Nicholas A. Dicerbo sold 2,000 shares of the business’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $43.75, for a total value of $87,500.00. Following the sale, the director now owns 200,921 shares in the company, valued at approximately $8,790,293.75. The disclosure for this sale can be found here. Corporate insiders own 3.48% of the company’s stock.
A number of hedge funds have recently bought and sold shares of CBU. Norges Bank purchased a new stake in Community Bank System during the fourth quarter valued at $10,453,000. Public Employees Retirement Association of Colorado increased its stake in Community Bank System by 90.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 423,867 shares of the company’s stock valued at $17,417,000 after buying an additional 201,500 shares during the last quarter. Vanguard Group Inc. increased its stake in Community Bank System by 4.7% in the second quarter. Vanguard Group Inc. now owns 3,740,977 shares of the company’s stock valued at $153,717,000 after buying an additional 168,833 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in Community Bank System during the second quarter valued at $4,985,000. Finally, Dimensional Fund Advisors LP increased its stake in Community Bank System by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,909,096 shares of the company’s stock valued at $78,443,000 after buying an additional 108,621 shares during the last quarter. Institutional investors and hedge funds own 64.39% of the company’s stock.
About Community Bank System
Community Bank System, Inc is a bank holding company. The Company owns two subsidiaries: Community Bank, N.A. (CBNA or the Bank) and Benefit Plans Administrative Services, Inc (BPAS). It operates in three segments: banking, employee benefit services, and All Other. The Banking segment provides lending and depository-related products and services to individuals, businesses and municipal enterprises.
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