Community Bank System, Inc. (CBU) Expected to Post Quarterly Sales of $141.52 Million
Equities analysts predict that Community Bank System, Inc. (NYSE:CBU) will report sales of $141.52 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Community Bank System’s earnings. The lowest sales estimate is $139.18 million and the highest is $142.72 million. Community Bank System reported sales of $108.42 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 30.5%. The company is scheduled to report its next earnings report on Monday, October 23rd.
According to Zacks, analysts expect that Community Bank System will report full year sales of $141.52 million for the current fiscal year, with estimates ranging from $524.80 million to $533.66 million. For the next fiscal year, analysts forecast that the company will report sales of $575.25 million per share, with estimates ranging from $567.22 million to $586.17 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Community Bank System.
Community Bank System (NYSE:CBU) last released its quarterly earnings results on Monday, July 31st. The bank reported $0.73 earnings per share (EPS) for the quarter, beating 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 return on equity of 9.04% and a net margin of 20.63%. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same quarter last year, the business posted $0.58 EPS.
Several equities analysts have recently weighed in on CBU shares. Zacks Investment Research upgraded shares of Community Bank System from a “hold” rating to a “strong-buy” rating and set a $58.00 price objective on the stock in a report on Tuesday, September 12th. BidaskClub upgraded shares of Community Bank System from a “strong sell” rating to a “sell” rating in a report on Friday, August 4th. Royal Bank Of Canada reiterated a “hold” rating on shares of Community Bank System in a report on Wednesday, August 2nd. Finally, Piper Jaffray Companies reiterated a “hold” rating and set a $51.00 price objective on shares of Community Bank System in a report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $54.80.
In related news, Director Nicholas A. Dicerbo sold 3,000 shares of the company’s stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $56.03, for a total value of $168,090.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director R Kallet Michael sold 5,000 shares of the company’s stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $53.00, for a total transaction of $265,000.00. Following the completion of the sale, the director now owns 11,603 shares in the company, valued at approximately $614,959. The disclosure for this sale can be found here. Insiders sold a total of 13,000 shares of company stock worth $695,840 in the last 90 days. 3.20% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in shares of Community Bank System by 11.2% in the 2nd quarter. BlackRock Inc. now owns 6,034,186 shares of the bank’s stock worth $336,527,000 after acquiring an additional 609,319 shares during the last quarter. State Street Corp raised its holdings in shares of Community Bank System by 69.6% in the 2nd quarter. State Street Corp now owns 5,020,816 shares of the bank’s stock worth $280,008,000 after acquiring an additional 2,059,920 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Community Bank System by 7.9% in the 2nd quarter. Vanguard Group Inc. now owns 4,808,411 shares of the bank’s stock worth $268,165,000 after acquiring an additional 353,538 shares during the last quarter. Neuberger Berman Group LLC raised its holdings in shares of Community Bank System by 4.9% in the 1st quarter. Neuberger Berman Group LLC now owns 2,390,198 shares of the bank’s stock worth $131,413,000 after acquiring an additional 110,843 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Community Bank System by 6.8% in the 2nd quarter. Northern Trust Corp now owns 1,459,745 shares of the bank’s stock worth $81,410,000 after acquiring an additional 92,700 shares during the last quarter. Institutional investors own 68.98% of the company’s stock.
Shares of Community Bank System (NYSE:CBU) traded up 0.25% during trading on Thursday, hitting $53.09. The stock had a trading volume of 148,352 shares. Community Bank System has a 1-year low of $42.67 and a 1-year high of $63.04. The firm has a 50-day moving average of $52.40 and a 200 day moving average of $54.63. The company has a market capitalization of $2.68 billion, a P/E ratio of 25.39 and a beta of 1.09.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 15th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend is Thursday, September 14th. This is a positive change from Community Bank System’s previous quarterly dividend of $0.32. Community Bank System’s dividend payout ratio is currently 64.15%.
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Community Bank System Company Profile
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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