Brokers Set Expectations for Community Bank System, Inc.’s FY2017 Earnings (CBU)
Community Bank System, Inc. (NYSE:CBU) – Investment analysts at Boenning Scattergood lifted their FY2017 EPS estimates for shares of Community Bank System in a report issued on Wednesday. Boenning Scattergood analyst M. Schultheis now anticipates that the bank will post earnings of $2.85 per share for the year, up from their previous estimate of $2.63. Boenning Scattergood also issued estimates for Community Bank System’s Q1 2018 earnings at $0.78 EPS, Q2 2018 earnings at $0.83 EPS, Q3 2018 earnings at $0.85 EPS and Q4 2018 earnings at $0.83 EPS.
CBU has been the topic of several other research reports. Sandler O’Neill upgraded shares of Community Bank System from a “sell” rating to a “hold” rating in a research note on Thursday. Zacks Investment Research cut shares of Community Bank System from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 2nd. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $54.00 price objective on shares of Community Bank System in a research note on Friday, October 13th. Finally, DA Davidson set a $55.00 price objective on shares of Community Bank System and gave the stock a “hold” rating in a research note on Tuesday, October 24th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $55.20.
Community Bank System (NYSE:CBU) last posted its earnings results on Monday, October 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.06. Community Bank System had a net margin of 21.00% and a return on equity of 9.22%. The business had revenue of $137.30 million for the quarter, compared to analysts’ expectations of $138.74 million. During the same quarter in the prior year, the business earned $0.61 EPS. The business’s revenue for the quarter was up 26.7% compared to the same quarter last year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Community Bank System by 9.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,080 shares of the bank’s stock worth $116,000 after acquiring an additional 174 shares during the period. Pacad Investment Ltd. bought a new stake in Community Bank System during the 2nd quarter worth approximately $139,000. SG Americas Securities LLC bought a new stake in Community Bank System during the 3rd quarter worth approximately $151,000. Riverhead Capital Management LLC raised its stake in Community Bank System by 104.4% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,862 shares of the bank’s stock worth $160,000 after acquiring an additional 1,462 shares during the period. Finally, Victory Capital Management Inc. raised its stake in Community Bank System by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 3,501 shares of the bank’s stock worth $195,000 after acquiring an additional 524 shares during the period. Institutional investors own 69.19% of the company’s stock.
In other Community Bank System news, Director Nicholas A. Dicerbo sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $56.00, for a total transaction of $112,000.00. Following the sale, the director now owns 184,622 shares in the company, valued at approximately $10,338,832. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Brian R. Ace sold 5,457 shares of the firm’s stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $53.35, for a total transaction of $291,130.95. Following the sale, the director now owns 55,647 shares in the company, valued at approximately $2,968,767.45. The disclosure for this sale can be found here. Insiders sold a total of 19,957 shares of company stock worth $1,092,181 in the last quarter. Company insiders own 3.20% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Friday, December 15th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend is Thursday, December 14th. Community Bank System’s dividend payout ratio (DPR) is presently 62.10%.
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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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