Community Bank System Inc. (CBU) Hits New 52-Week High After Dividend Announcement
Community Bank System Inc. (NYSE:CBU) shares reached a new 52-week high during trading on Friday after the company announced a dividend. The company traded as high as $55.41 and last traded at $55.47, with a volume of 84,511 shares trading hands. The stock had previously closed at $54.89.
The newly announced dividend which will be paid on Tuesday, January 10th. Shareholders of record on Thursday, December 15th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.29%. Community Bank System’s dividend payout ratio (DPR) is 57.92%.
Several research firms have recently commented on CBU. Zacks Investment Research raised shares of Community Bank System from a “sell” rating to a “buy” rating and set a $52.00 price target on the stock in a research report on Thursday, October 27th. Hovde Group lifted their price target on shares of Community Bank System from $43.00 to $49.00 and gave the company a “market perform” rating in a research report on Tuesday, October 25th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $44.00.
The company has a market capitalization of $2.48 billion, a PE ratio of 25.20 and a beta of 0.92. The firm’s 50 day moving average is $47.59 and its 200-day moving average is $43.99.
Community Bank System (NYSE:CBU) last issued its earnings results on Thursday, October 27th. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.02. Community Bank System had a net margin of 22.65% and a return on equity of 8.42%. The company had revenue of $108.40 million for the quarter, compared to analyst estimates of $108.96 million. During the same period in the prior year, the business posted $0.60 earnings per share. The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. Analysts expect that Community Bank System Inc. will post $2.32 earnings per share for the current fiscal year.
In other Community Bank System news, Director Edward S. Mucenski sold 3,000 shares of the company’s stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $54.85, for a total transaction of $164,550.00. Following the transaction, the director now directly owns 5,272 shares in the company, valued at $289,169.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.48% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Emerald Acquisition Ltd. acquired a new stake in Community Bank System during the second quarter valued at approximately $4,985,000. IFC Holdings Incorporated FL raised its stake in Community Bank System by 5.6% in the second quarter. IFC Holdings Incorporated FL now owns 15,871 shares of the company’s stock valued at $644,000 after buying an additional 840 shares in the last quarter. Anchor Capital Advisors LLC raised its stake in Community Bank System by 0.9% in the second quarter. Anchor Capital Advisors LLC now owns 35,719 shares of the company’s stock valued at $1,468,000 after buying an additional 308 shares in the last quarter. Public Employees Retirement Association of Colorado raised its stake in Community Bank System by 90.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 423,867 shares of the company’s stock valued at $17,417,000 after buying an additional 201,500 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in Community Bank System by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 19,500 shares of the company’s stock valued at $801,000 after buying an additional 100 shares in the last quarter. Institutional investors own 65.11% of the company’s stock.
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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