Community Bank System (CBU) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Community Bank System (NYSE:CBU) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.
According to Zacks, “Community Bank System, Inc. is a bank holding company. “
Several other equities research analysts have also weighed in on CBU. ValuEngine upgraded shares of Community Bank System from a hold rating to a buy rating in a report on Tuesday, September 4th. Boenning Scattergood reiterated a hold rating on shares of Community Bank System in a report on Monday, October 22nd. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $60.00.
Community Bank System (NYSE:CBU) last posted its earnings results on Monday, October 22nd. The bank reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.05. The company had revenue of $141.99 million for the quarter, compared to analyst estimates of $141.64 million. Community Bank System had a net margin of 34.24% and a return on equity of 10.30%. During the same period last year, the business posted $0.68 earnings per share. Research analysts predict that Community Bank System will post 3.37 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 10th. Investors of record on Friday, December 14th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, December 13th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.46%. Community Bank System’s payout ratio is 54.48%.
Several large investors have recently modified their holdings of the stock. BlackRock Inc. raised its holdings in shares of Community Bank System by 3.7% during the third quarter. BlackRock Inc. now owns 7,379,973 shares of the bank’s stock worth $450,695,000 after acquiring an additional 262,452 shares during the period. Vanguard Group Inc. raised its holdings in shares of Community Bank System by 1.9% during the third quarter. Vanguard Group Inc. now owns 5,628,200 shares of the bank’s stock worth $343,714,000 after acquiring an additional 104,088 shares during the period. Northern Trust Corp raised its holdings in shares of Community Bank System by 1.0% during the second quarter. Northern Trust Corp now owns 1,471,201 shares of the bank’s stock worth $86,904,000 after acquiring an additional 15,214 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Community Bank System by 3.2% during the third quarter. Bank of New York Mellon Corp now owns 757,782 shares of the bank’s stock worth $46,278,000 after acquiring an additional 23,652 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its holdings in shares of Community Bank System by 8.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 315,741 shares of the bank’s stock worth $18,651,000 after acquiring an additional 23,971 shares during the period. Institutional investors and hedge funds own 70.65% of the company’s stock.
About Community Bank System
Community Bank System, Inc operates as the bank holding company for Community Bank, N.A. that provides various banking and 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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