Community Bank System, Inc. (CBU) to Post FY2017 Earnings of $2.62 Per Share, DA Davidson Forecasts
Community Bank System, Inc. (NYSE:CBU) – Stock analysts at DA Davidson increased their FY2017 earnings estimates for Community Bank System in a research note issued to investors on Tuesday. DA Davidson analyst R. Gunther now forecasts that the bank will post earnings of $2.62 per share for the year, up from their prior forecast of $2.60. DA Davidson currently has a “Hold” rating and a $55.00 target price on the stock. DA Davidson also issued estimates for Community Bank System’s Q3 2018 earnings at $0.67 EPS, Q1 2019 earnings at $0.64 EPS and Q3 2019 earnings at $0.72 EPS.
Other analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of Community Bank System from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 2nd. BidaskClub downgraded shares of Community Bank System from a “sell” rating to a “strong sell” rating in a research report on Monday, August 14th. Piper Jaffray Companies reissued a “hold” rating and issued a $51.00 price target on shares of Community Bank System in a research report on Thursday, August 3rd. Royal Bank Of Canada reissued a “hold” rating on shares of Community Bank System in a research report on Wednesday, August 2nd. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $54.00 price target on shares of Community Bank System in a research report on Friday, October 13th. Two research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Community Bank System has an average rating of “Hold” and a consensus price target of $53.83.
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Community Bank System (CBU) opened at 53.74 on Wednesday. Community Bank System has a 12-month low of $45.79 and a 12-month high of $63.04. The firm has a market cap of $2.72 billion, a PE ratio of 25.70 and a beta of 1.10. The stock has a 50 day moving average of $53.75 and a 200 day moving average of $54.55.
Community Bank System (NYSE:CBU) last released its quarterly earnings results on Monday, October 23rd. The bank reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.06. The company had revenue of $137.30 million during the quarter, compared to analysts’ expectations of $138.74 million. Community Bank System had a net margin of 21.00% and a return on equity of 9.22%. The business’s quarterly revenue was up 26.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.61 earnings per share.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Friday, September 15th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.53%. This is an increase from Community Bank System’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Thursday, September 14th. Community Bank System’s payout ratio is currently 62.10%.
In other Community Bank System news, Director Brian R. Ace sold 5,457 shares of Community Bank System stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $53.35, for a total transaction of $291,130.95. Following the transaction, the director now directly owns 55,647 shares of the company’s stock, valued at approximately $2,968,767.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director R Kallet Michael sold 5,000 shares of Community Bank System stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $53.00, for a total transaction of $265,000.00. Following the transaction, the director now directly owns 11,603 shares in the company, valued at $614,959. The disclosure for this sale can be found here. Insiders have sold a total of 20,457 shares of company stock worth $1,085,081 over the last ninety days. Insiders own 3.20% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of CBU. Crawford Investment Counsel Inc. bought a new stake in shares of Community Bank System during the 2nd quarter worth $1,342,000. Comerica Bank raised its stake in shares of Community Bank System by 4.6% during the 2nd quarter. Comerica Bank now owns 51,559 shares of the bank’s stock worth $2,812,000 after purchasing an additional 2,254 shares during the period. State Board of Administration of Florida Retirement System raised its stake in shares of Community Bank System by 15.0% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 40,059 shares of the bank’s stock worth $2,234,000 after purchasing an additional 5,226 shares during the period. Principal Financial Group Inc. raised its stake in shares of Community Bank System by 14.1% during the 2nd quarter. Principal Financial Group Inc. now owns 415,221 shares of the bank’s stock worth $23,157,000 after purchasing an additional 51,281 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in shares of Community Bank System by 12.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 91,759 shares of the bank’s stock worth $5,117,000 after purchasing an additional 10,156 shares during the period. 68.96% of the stock is currently owned by hedge funds and other institutional investors.
Community Bank System Company Profile
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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