Community Bank System (NYSE:CBU) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Community Bank System (NYSE:CBU) from a sell rating to a hold rating in a report published on Friday, Zacks.com reports.

According to Zacks, “Community Bank System, Inc. is a bank holding company. “

A number of other brokerages have also weighed in on CBU. Stephens began coverage on shares of Community Bank System in a research report on Tuesday, April 9th. They set an equal weight rating and a $63.00 target price for the company. ValuEngine lowered shares of Community Bank System from a buy rating to a hold rating in a research report on Thursday.

CBU traded down $1.79 during trading on Friday, hitting $61.13. 1,732 shares of the company traded hands, compared to its average volume of 161,832. The firm has a market capitalization of $3.24 billion, a price-to-earnings ratio of 18.17, a P/E/G ratio of 2.41 and a beta of 0.98. The firm’s fifty day moving average price is $64.97. The company has a current ratio of 0.82, a quick ratio of 0.75 and a debt-to-equity ratio of 0.13. Community Bank System has a one year low of $54.46 and a one year high of $67.79.

Community Bank System (NYSE:CBU) last posted its quarterly earnings results on Monday, July 22nd. The bank reported $0.80 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.80. The company had revenue of $149.00 million during the quarter, compared to analyst estimates of $144.08 million. Community Bank System had a net margin of 28.64% and a return on equity of 10.10%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.86 earnings per share. On average, research analysts anticipate that Community Bank System will post 3.26 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 10th. Shareholders of record on Friday, June 14th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $1.52 dividend on an annualized basis and a yield of 2.49%. Community Bank System’s dividend payout ratio is presently 45.10%.

In other news, Director R Kallet Michael sold 3,100 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $64.83, for a total value of $200,973.00. Following the sale, the director now directly owns 52,909 shares of the company’s stock, valued at $3,430,090.47. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Brian R. Ace sold 4,471 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $65.78, for a total transaction of $294,102.38. Following the completion of the sale, the director now directly owns 61,910 shares in the company, valued at $4,072,439.80. The disclosure for this sale can be found here. Corporate insiders own 2.15% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund raised its stake in Community Bank System by 1.8% in the first quarter. Oregon Public Employees Retirement Fund now owns 19,824 shares of the bank’s stock valued at $1,185,000 after purchasing an additional 358 shares in the last quarter. Empire Life Investments Inc. raised its stake in Community Bank System by 3.6% in the first quarter. Empire Life Investments Inc. now owns 8,560 shares of the bank’s stock valued at $512,000 after purchasing an additional 297 shares in the last quarter. Texas Permanent School Fund raised its stake in Community Bank System by 4.0% in the first quarter. Texas Permanent School Fund now owns 34,844 shares of the bank’s stock valued at $2,083,000 after purchasing an additional 1,348 shares in the last quarter. Contravisory Investment Management Inc. purchased a new stake in Community Bank System in the first quarter valued at approximately $155,000. Finally, Norges Bank purchased a new stake in Community Bank System in the fourth quarter valued at approximately $23,160,000. 71.19% of the stock is currently owned by hedge funds and other institutional investors.

Community Bank System Company Profile

Community Bank System, Inc operates as the bank holding company for Community Bank, N.A. that provides various banking and other financial services to retail, commercial, and municipal customers. It operates through three segments: Banking, Employee Benefit Services, and All Other. The company offers various deposits products, such as checking, savings, and money market accounts, as well as time deposits.

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