Community Bank System Inc. (CBU) Sets New 52-Week High at $45.35
Community Bank System Inc. (NYSE:CBU) hit a new 52-week high on Friday . The company traded as high as $45.35 and last traded at $45.28, with a volume of 80,702 shares trading hands. The stock had previously closed at $44.18.
A number of equities research analysts have recently weighed in on the company. Hovde Group lifted 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. Zacks Investment Research upgraded Community Bank System from a “sell” rating to a “hold” rating in a report on Monday, April 18th. Royal Bank Of Canada lifted their target price on Community Bank System from $37.00 to $39.00 and gave the company a “sector perform” rating in a report on Tuesday, April 26th. Finally, Sandler O’Neill lowered Community Bank System from a “buy” rating to a “hold” rating in a report on Friday, July 22nd. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $41.50.
The firm has a market capitalization of $2.00 billion and a P/E ratio of 20.54. The stock has a 50 day moving average price of $42.14 and a 200 day moving average price of $39.38.
Community Bank System (NYSE:CBU) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The business had revenue of $107.10 million for the quarter, compared to analysts’ expectations of $106.66 million. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.58 EPS. On average, analysts predict that Community Bank System Inc. will post $2.32 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 11th. Shareholders of record on Wednesday, June 15th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend was Monday, June 13th.
In other Community Bank System news, Director Brian R. Ace sold 3,817 shares of the stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $43.40, for a total transaction of $165,657.80. Following the transaction, the director now owns 50,275 shares of the company’s stock, valued at approximately $2,181,935. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Nicholas A. Dicerbo sold 1,913 shares of the stock in a transaction on Friday, May 27th. The stock was sold at an average price of $40.99, for a total value of $78,413.87. Following the transaction, the director now directly owns 200,517 shares in the company, valued at approximately $8,219,191.83. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have modified their holdings of the company. Comerica Bank raised its position in shares of Community Bank System by 6.2% in the fourth quarter. Comerica Bank now owns 44,093 shares of the company’s stock worth $1,649,000 after buying an additional 2,562 shares in the last quarter. Swiss National Bank increased its stake in Community Bank System by 10.0% in the fourth quarter. Swiss National Bank now owns 59,500 shares of the company’s stock worth $2,376,000 after buying an additional 5,400 shares during the last quarter. California Public Employees Retirement System increased its stake in Community Bank System by 2.7% in the fourth quarter. California Public Employees Retirement System now owns 64,520 shares of the company’s stock worth $2,577,000 after buying an additional 1,720 shares during the last quarter. Rhumbline Advisers increased its stake in Community Bank System by 7.3% in the fourth quarter. Rhumbline Advisers now owns 84,370 shares of the company’s stock worth $3,370,000 after buying an additional 5,760 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in Community Bank System by 9.8% in the fourth quarter. Principal Financial Group Inc. now owns 292,757 shares of the company’s stock worth $11,693,000 after buying an additional 26,112 shares during the last quarter.
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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