Community Bank System, Inc. (CBU) Increases Dividend to $0.34 Per Share
Community Bank System, Inc. (NYSE:CBU) announced a quarterly dividend on Wednesday, August 16th, RTT News reports. Shareholders of record on Friday, September 15th will be given a dividend of 0.34 per share by the bank on Tuesday, October 10th. This represents a $1.36 annualized dividend and a yield of 2.55%. This is an increase from Community Bank System’s previous quarterly dividend of $0.32.
Community Bank System has raised its dividend payment by an average of 4.7% annually over the last three years and has increased its dividend every year for the last 6 years. Community Bank System has a dividend payout ratio of 49.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Community Bank System to earn $2.73 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 46.9%.
Community Bank System (NYSE:CBU) traded down 0.71% during midday trading on Wednesday, reaching $52.87. The company’s stock had a trading volume of 76,641 shares. The firm has a 50 day moving average of $54.98 and a 200 day moving average of $56.01. The firm has a market cap of $2.67 billion, a P/E ratio of 25.30 and a beta of 1.07. Community Bank System has a 52-week low of $42.67 and a 52-week high of $63.04.
Community Bank System (NYSE:CBU) last announced its quarterly earnings data on Monday, July 31st. The bank reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.13. Community Bank System had a return on equity of 9.04% and a net margin of 20.63%. The firm had revenue of $129.26 million during the quarter, compared to analysts’ expectations of $127 million. During the same quarter last year, the firm posted $0.58 earnings per share. The company’s revenue for the quarter was up 20.7% compared to the same quarter last year. Analysts anticipate that Community Bank System will post $2.57 earnings per share for the current fiscal year.
A number of brokerages have commented on CBU. BidaskClub cut Community Bank System from a “sell” rating to a “strong sell” rating in a research note on Monday. Piper Jaffray Companies reissued a “hold” rating and issued a $51.00 price objective on shares of Community Bank System in a research note on Thursday, August 3rd. Finally, Royal Bank Of Canada raised their price objective on Community Bank System from $41.00 to $56.00 and gave the company a “sector perform” rating in a research note on Tuesday, May 16th. Two analysts have rated the stock with a sell rating and five have given a hold rating to the stock. The company presently has an average rating of “Hold” and an average price target of $53.60.
In related news, Director Nicholas A. Dicerbo sold 3,000 shares of Community Bank System stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $56.03, for a total transaction of $168,090.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.20% of the stock is owned by insiders.
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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