Zacks: Brokerages Anticipate Community Bank System, Inc. (NYSE:CBU) Will Announce Quarterly Sales of $151.14 Million

Analysts expect that Community Bank System, Inc. (NYSE:CBU) will post $151.14 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Community Bank System’s earnings, with the lowest sales estimate coming in at $149.10 million and the highest estimate coming in at $152.34 million. Community Bank System reported sales of $152.62 million in the same quarter last year, which would suggest a negative year over year growth rate of 1%. The company is scheduled to issue its next quarterly earnings results on Monday, October 25th.

According to Zacks, analysts expect that Community Bank System will report full year sales of $613.03 million for the current financial year, with estimates ranging from $603.40 million to $624.65 million. For the next year, analysts forecast that the business will post sales of $616.55 million, with estimates ranging from $611.00 million to $621.42 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Community Bank System.

Community Bank System (NYSE:CBU) last issued its quarterly earnings results on Sunday, July 25th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.08. The company had revenue of $151.57 million during the quarter, compared to analysts’ expectations of $150.08 million. Community Bank System had a net margin of 30.51% and a return on equity of 9.37%. During the same period last year, the company posted $0.76 EPS.

Separately, Zacks Investment Research cut shares of Community Bank System from a “buy” rating to a “hold” rating in a report on Thursday, July 1st.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CBU. State Street Corp raised its holdings in shares of Community Bank System by 17.6% during the second quarter. State Street Corp now owns 5,118,527 shares of the bank’s stock valued at $389,358,000 after purchasing an additional 765,439 shares during the last quarter. Neuberger Berman Group LLC raised its holdings in shares of Community Bank System by 26.0% during the first quarter. Neuberger Berman Group LLC now owns 2,912,222 shares of the bank’s stock valued at $222,144,000 after purchasing an additional 601,790 shares during the last quarter. Eaton Vance Management raised its holdings in shares of Community Bank System by 61.2% during the first quarter. Eaton Vance Management now owns 869,708 shares of the bank’s stock valued at $66,724,000 after purchasing an additional 330,211 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Community Bank System by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,341,647 shares of the bank’s stock valued at $102,931,000 after purchasing an additional 279,040 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Community Bank System by 2.3% during the second quarter. Vanguard Group Inc. now owns 6,213,252 shares of the bank’s stock valued at $470,033,000 after purchasing an additional 137,054 shares during the last quarter. 70.03% of the stock is owned by hedge funds and other institutional investors.

Community Bank System stock traded up $0.75 during trading hours on Friday, hitting $67.25. The stock had a trading volume of 193,655 shares, compared to its average volume of 218,158. The stock has a market capitalization of $3.63 billion, a P/E ratio of 19.21 and a beta of 0.70. Community Bank System has a 12-month low of $52.63 and a 12-month high of $82.53. The stock’s 50-day moving average price is $71.58 and its 200-day moving average price is $75.83.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 8th. Shareholders of record on Wednesday, September 15th will be issued a $0.43 dividend. The ex-dividend date is Tuesday, September 14th. This is a boost from Community Bank System’s previous quarterly dividend of $0.42. This represents a $1.72 annualized dividend and a yield of 2.56%. Community Bank System’s payout ratio is 53.25%.

Community Bank System Company Profile

Community Bank System, Inc is a holding company, which engages in the provision of retail, business, and municipal banking services. It operates through the following segments: Banking, Employee Benefit Services, and All Other. The Banking segment offers array of lending and depository-related products and services to individuals, businesses, and municipal enterprises.

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Earnings History and Estimates for Community Bank System (NYSE:CBU)

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