Wall Street analysts predict that Community Bank System, Inc. (NYSE:CBU) will announce $149.72 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Community Bank System's earnings. The highest sales estimate is $151.54 million and the lowest is $147.80 million. Community Bank System reported sales of $144.89 million in the same quarter last year, which would suggest a positive year over year growth rate of 3.3%. The firm is expected to announce its next earnings report on Monday, July 26th.
On average, analysts expect that Community Bank System will report full-year sales of $607.39 million for the current fiscal year, with estimates ranging from $598.90 million to $615.78 million. For the next year, analysts forecast that the business will post sales of $616.80 million, with estimates ranging from $610.70 million to $620.83 million. Zacks Investment Research's sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Community Bank System.
Community Bank System (NYSE:CBU) last posted its quarterly earnings results on Sunday, April 25th. The bank reported $0.97 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $0.80 by $0.17. The company had revenue of $152.49 million during the quarter, compared to analyst estimates of $153.44 million. Community Bank System had a net margin of 28.69% and a return on equity of 8.98%. During the same quarter in the prior year, the business earned $0.77 earnings per share.
Separately, Zacks Investment Research upgraded shares of Community Bank System from a "hold" rating to a "buy" rating and set a $87.00 price target for the company in a research report on Monday, May 3rd.
CBU opened at $78.95 on Friday. The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of 24.07 and a beta of 0.71. The firm's 50-day moving average is $79.10. Community Bank System has a fifty-two week low of $51.41 and a fifty-two week high of $82.53.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 9th. Shareholders of record on Tuesday, June 15th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend is Monday, June 14th. Community Bank System's dividend payout ratio (DPR) is presently 52.01%.
In other Community Bank System news, Director Kerrie D. Macpherson acquired 439 shares of the company's stock in a transaction on Thursday, May 20th. The shares were acquired at an average cost of $79.81 per share, with a total value of $35,036.59. Following the completion of the acquisition, the director now directly owns 1,482 shares in the company, valued at $118,278.42. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.63% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. raised its stake in Community Bank System by 0.7% in the first quarter. Principal Financial Group Inc. now owns 374,267 shares of the bank's stock valued at $28,714,000 after purchasing an additional 2,575 shares in the last quarter. Millennium Management LLC purchased a new stake in Community Bank System in the first quarter valued at approximately $4,306,000. Canada Pension Plan Investment Board purchased a new stake in Community Bank System in the first quarter valued at approximately $2,532,000. Eaton Vance Management raised its stake in Community Bank System by 61.2% in 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 in the last quarter. Finally, Jane Street Group LLC raised its stake in Community Bank System by 78.4% in the first quarter. Jane Street Group LLC now owns 7,621 shares of the bank's stock valued at $585,000 after purchasing an additional 3,350 shares in the last quarter. 70.11% of the stock is currently owned by institutional investors and hedge funds.
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 deposit accounts, as well as time deposits.
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