Eric Stickels Sells 5,000 Shares of Community Bank System, Inc. (CBU) Stock
Community Bank System, Inc. (NYSE:CBU) Director Eric Stickels sold 5,000 shares of the business’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $53.24, for a total transaction of $266,200.00. Following the completion of the sale, the director now owns 11,345 shares in the company, valued at approximately $604,007.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Community Bank System (NYSE:CBU) last posted its quarterly earnings results on Monday, July 31st. The bank reported $0.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.13. The firm had revenue of $129.26 million for the quarter, compared to the consensus estimate of $127.00 million. Community Bank System had a net margin of 20.63% and a return on equity of 9.04%. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same period last year, the firm posted $0.58 earnings per share.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 15th will be paid a $0.34 dividend. This is an increase from Community Bank System’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a dividend yield of 2.56%. The ex-dividend date is Thursday, September 14th. Community Bank System’s dividend payout ratio (DPR) is currently 64.15%.
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CBU has been the topic of several research analyst reports. BidaskClub cut shares of Community Bank System from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Zacks Investment Research upgraded shares of Community Bank System from a “hold” rating to a “strong-buy” rating and set a $58.00 price target on the stock in a research note on Tuesday, September 12th. Piper Jaffray Companies reiterated a “hold” rating and issued a $51.00 price target on shares of Community Bank System in a research note on Thursday, August 3rd. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of Community Bank System in a research note on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $54.80.
Large investors have recently bought and sold shares of the company. Crawford Investment Counsel Inc. purchased a new position in shares of Community Bank System in the second quarter worth about $1,342,000. State of Tennessee Treasury Department lifted its stake in shares of Community Bank System by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 41,402 shares of the bank’s stock worth $2,276,000 after buying an additional 6,248 shares in the last quarter. Virginia Retirement Systems ET AL lifted its stake in shares of Community Bank System by 166.7% in the first quarter. Virginia Retirement Systems ET AL now owns 13,600 shares of the bank’s stock worth $748,000 after buying an additional 8,500 shares in the last quarter. Parametric Portfolio Associates LLC lifted its stake in shares of Community Bank System by 4.8% in the first quarter. Parametric Portfolio Associates LLC now owns 85,760 shares of the bank’s stock worth $4,715,000 after buying an additional 3,928 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of Community Bank System by 12.4% in the second quarter. Russell Investments Group Ltd. now owns 91,759 shares of the bank’s stock worth $5,117,000 after buying an additional 10,156 shares in the last quarter. 68.98% of the stock is currently owned by hedge funds and other institutional investors.
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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