Community Bank System Inc. (CBU) Rating Lowered to Hold at 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 report issued on Tuesday.
According to Zacks, “Community Bank System, Inc. is a bank holding company. “
CBU has been the subject of a number of other research reports. Sandler O’Neill cut Community Bank System from a “buy” rating to a “hold” rating in a research note on Friday, July 22nd. Hovde Group boosted their price objective on Community Bank System from $38.00 to $43.00 and gave the company a “market perform” rating in a research note on Tuesday, July 26th. Five analysts have rated the stock with a hold rating, The company presently has an average rating of “Hold” and a consensus price target of $41.50.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/20/community-bank-system-inc-cbu-rating-lowered-to-hold-at-zacks-investment-research.html
Community Bank System (NYSE:CBU) traded up 0.43% during mid-day trading on Tuesday, hitting $46.77. 79,514 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $46.04 and its 200-day moving average price is $41.55. Community Bank System has a one year low of $34.27 and a one year high of $48.19. The stock has a market cap of $2.07 billion, a PE ratio of 21.24 and a beta of 0.98.
Community Bank System (NYSE:CBU) last posted its earnings results on Wednesday, July 20th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.02. The firm earned $107.10 million during the quarter, compared to analysts’ expectations of $106.66 million. Community Bank System had a return on equity of 8.64% and a net margin of 22.93%. The firm’s revenue was up 17.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.58 earnings per share. On average, analysts forecast that Community Bank System will post $2.31 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 10th. Shareholders of record on Thursday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $1.28 dividend on an annualized basis and a yield of 2.74%. This is a boost from Community Bank System’s previous quarterly dividend of $0.31. Community Bank System’s payout ratio is currently 58.18%.
In other news, Director Nicholas A. Dicerbo sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $43.75, for a total value of $87,500.00. Following the transaction, the director now owns 200,921 shares of the company’s stock, valued at $8,790,293.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Brian R. Ace sold 3,817 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $43.40, for a total value of $165,657.80. Following the completion of the transaction, the director now directly owns 50,275 shares in the company, valued at approximately $2,181,935. The disclosure for this sale can be found here. 3.48% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Community Bank System during the fourth quarter worth about $10,453,000. Public Employees Retirement Association of Colorado raised its position 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 worth $17,417,000 after buying an additional 201,500 shares during the last quarter. Vanguard Group Inc. raised its position 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 worth $153,717,000 after buying an additional 168,833 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in Community Bank System during the second quarter worth about $4,985,000. Finally, Dimensional Fund Advisors LP raised its position 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 worth $78,443,000 after buying an additional 108,621 shares during the last quarter. 64.39% of the stock is currently owned by institutional investors and hedge funds.
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.
Receive News & Ratings for Community Bank System Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Community Bank System Inc. and related companies with MarketBeat.com's FREE daily email newsletter.