Community Bank System (NYSE:CBU) Sets New 1-Year High – Here’s Why

Community Bank System, Inc. (NYSE:CBU) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $69.83 and last traded at $69.39, with a volume of 30811 shares. The stock had previously closed at $62.20.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CBU shares. Raymond James upgraded shares of Community Bank System from a “market perform” rating to a “strong-buy” rating and set a $67.00 target price for the company in a research report on Monday, October 28th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $59.00 price objective on shares of Community Bank System in a research report on Tuesday, September 10th.

Community Bank System Trading Up 2.4 %

The company has a market capitalization of $3.63 billion, a PE ratio of 21.55 and a beta of 0.62. The firm’s 50 day simple moving average is $59.54 and its 200-day simple moving average is $53.86. The company has a quick ratio of 0.76, a current ratio of 0.75 and a debt-to-equity ratio of 0.35.

Community Bank System (NYSE:CBU) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.05). The firm had revenue of $188.94 million during the quarter, compared to analysts’ expectations of $186.35 million. Community Bank System had a net margin of 18.82% and a return on equity of 10.52%. Community Bank System’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.82 earnings per share. As a group, equities research analysts anticipate that Community Bank System, Inc. will post 3.39 EPS for the current year.

Community Bank System Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.84 dividend on an annualized basis and a yield of 2.66%. Community Bank System’s dividend payout ratio (DPR) is 57.32%.

Institutional Trading of Community Bank System

A number of institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its holdings in shares of Community Bank System by 8.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,770,648 shares of the bank’s stock worth $83,588,000 after purchasing an additional 142,909 shares during the period. Federated Hermes Inc. increased its holdings in shares of Community Bank System by 6.8% in the 2nd quarter. Federated Hermes Inc. now owns 691,879 shares of the bank’s stock worth $32,664,000 after acquiring an additional 44,137 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Community Bank System by 164.9% in the 2nd quarter. Victory Capital Management Inc. now owns 213,167 shares of the bank’s stock worth $10,064,000 after acquiring an additional 132,697 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Community Bank System by 152.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 182,397 shares of the bank’s stock worth $8,611,000 after acquiring an additional 110,288 shares during the period. Finally, Public Sector Pension Investment Board increased its holdings in shares of Community Bank System by 6.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 116,116 shares of the bank’s stock worth $5,482,000 after acquiring an additional 6,812 shares during the period. 73.79% of the stock is owned by institutional investors and hedge funds.

Community Bank System Company Profile

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, institutional, and municipal customers. It operates through three segments: Banking, Employee Benefit Services, and All Other. The company offers various deposits products, such as interest and noninterest -bearing checking, savings, and money market deposit accounts, as well as time deposits.