Community Bank System, Inc. (NYSE:CBU) Declares Dividend Increase – $0.41 Per Share
Community Bank System, Inc. (NYSE:CBU) announced a quarterly dividend on Wednesday, August 21st, Zacks reports. Stockholders of record on Monday, September 16th will be paid a dividend of 0.41 per share by the bank on Thursday, October 10th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Friday, September 13th. This is an increase from Community Bank System’s previous quarterly dividend of $0.38.
Community Bank System has raised its dividend by an average of 5.0% per year over the last three years and has raised its dividend every year for the last 8 years. Community Bank System has a dividend payout ratio of 49.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Community Bank System to earn $3.26 per share next year, which means the company should continue to be able to cover its $1.64 annual dividend with an expected future payout ratio of 50.3%.
Shares of CBU opened at $64.91 on Thursday. The stock has a market capitalization of $3.23 billion, a P/E ratio of 19.26, a PEG ratio of 2.42 and a beta of 1.02. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06. The firm has a fifty day simple moving average of $62.14 and a two-hundred day simple moving average of $63.25. Community Bank System has a twelve month low of $54.46 and a twelve month high of $67.79.
In other Community Bank System news, Director Brian R. Ace sold 4,471 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $65.78, for a total value of $294,102.38. Following the completion of the transaction, the director now directly owns 61,910 shares in the company, valued at approximately $4,072,439.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.15% of the stock is currently owned by corporate insiders.
CBU has been the subject of several research reports. ValuEngine lowered shares of Community Bank System from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Zacks Investment Research lowered shares of Community Bank System from a “hold” rating to a “sell” rating in a report on Tuesday.
About Community Bank System
Community Bank System, Inc operates as the bank holding company for Community Bank, N.A. that provides various banking and other financial services to retail, commercial, and municipal customers. It operates through three segments: Banking, Employee Benefit Services, and All Other. The company offers various deposits products, such as checking, savings, and money market accounts, as well as time deposits.
Further Reading: What is Cost of Goods Sold (COGS)?
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