Community Bank System, Inc. (NYSE:CBU) – Stock analysts at Boenning Scattergood upped their Q4 2017 earnings per share estimates for shares of Community Bank System in a research note issued on Wednesday. Boenning Scattergood analyst M. Schultheis now forecasts that the bank will post earnings of $0.89 per share for the quarter, up from their previous estimate of $0.67. Boenning Scattergood also issued estimates for Community Bank System’s FY2018 earnings at $3.29 EPS and FY2019 earnings at $3.39 EPS.
A number of other equities research analysts also recently issued reports on CBU. Zacks Investment Research raised shares of Community Bank System from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Wednesday, October 25th. DA Davidson set a $55.00 target price on shares of Community Bank System and gave the stock a “hold” rating in a research note on Tuesday, October 24th. They noted that the move was a valuation call. Sandler O’Neill raised shares of Community Bank System from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $54.00 target price on shares of Community Bank System in a research note on Friday, October 13th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Community Bank System presently has an average rating of “Hold” and an average target price of $55.20.
Community Bank System (NYSE:CBU) last posted its quarterly earnings results on Monday, October 23rd. The bank reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.06. The firm had revenue of $137.30 million for the quarter, compared to analyst estimates of $138.74 million. Community Bank System had a net margin of 21.00% and a return on equity of 9.22%. Community Bank System’s quarterly revenue was up 26.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.61 earnings per share.
A number of large investors have recently bought and sold shares of the business. GSA Capital Partners LLP acquired a new stake in shares of Community Bank System during the 3rd quarter worth about $594,000. Walthausen & Co. LLC boosted its stake in shares of Community Bank System by 12.4% during the 3rd quarter. Walthausen & Co. LLC now owns 214,486 shares of the bank’s stock worth $11,850,000 after purchasing an additional 23,610 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Community Bank System by 5.7% during the 3rd quarter. Janney Montgomery Scott LLC now owns 22,069 shares of the bank’s stock worth $1,219,000 after purchasing an additional 1,184 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Community Bank System during the 3rd quarter worth about $559,000. Finally, Empire Life Investments Inc. boosted its stake in shares of Community Bank System by 17.9% during the 3rd quarter. Empire Life Investments Inc. now owns 7,541 shares of the bank’s stock worth $417,000 after purchasing an additional 1,143 shares during the last quarter. Hedge funds and other institutional investors own 69.19% of the company’s stock.
In other news, Director Brian R. Ace sold 5,457 shares of the stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $53.35, for a total value of $291,130.95. Following the completion of the transaction, the director now owns 55,647 shares in the company, valued at approximately $2,968,767.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brian D. Donahue sold 5,535 shares of the stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $55.19, for a total transaction of $305,476.65. Following the completion of the transaction, the executive vice president now owns 43,844 shares of the company’s stock, valued at approximately $2,419,750.36. The disclosure for this sale can be found here. Insiders sold a total of 20,492 shares of company stock valued at $1,131,458 in the last 90 days. Company insiders own 3.20% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Friday, December 15th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Thursday, December 14th. Community Bank System’s dividend payout ratio is currently 63.85%.
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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