What is DA Davidson’s Forecast for CBU FY2024 Earnings?

Community Bank System, Inc. (NYSE:CBU) – Research analysts at DA Davidson boosted their FY2024 earnings per share estimates for shares of Community Bank System in a report released on Thursday, December 19th. DA Davidson analyst M. Navas now anticipates that the bank will post earnings of $3.32 per share for the year, up from their previous forecast of $3.30. The consensus estimate for Community Bank System’s current full-year earnings is $3.39 per share.

Community Bank System (NYSE:CBU) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.05). Community Bank System had a net margin of 18.82% and a return on equity of 10.52%. The firm had revenue of $188.94 million during the quarter, compared to analyst estimates of $186.35 million. During the same period in the previous year, the firm posted $0.82 earnings per share. The company’s quarterly revenue was up 7.7% compared to the same quarter last year.

CBU has been the subject of a number of other reports. Piper Sandler started coverage on Community Bank System in a report on Thursday, December 5th. They set a “neutral” rating and a $70.00 price target for the company. Keefe, Bruyette & Woods boosted their target price on Community Bank System from $64.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Finally, Raymond James raised Community Bank System from a “market perform” rating to a “strong-buy” rating and set a $67.00 price target for the company in a report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $65.25.

Community Bank System Stock Up 2.5 %

Shares of NYSE:CBU opened at $62.64 on Friday. Community Bank System has a fifty-two week low of $41.50 and a fifty-two week high of $73.39. The firm’s 50 day moving average price is $65.50 and its 200 day moving average price is $58.42. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.35. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of 19.51 and a beta of 0.65.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System lifted its holdings in shares of Community Bank System by 0.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 26,600 shares of the bank’s stock valued at $1,256,000 after acquiring an additional 200 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Community Bank System by 1.8% during the second quarter. Arizona State Retirement System now owns 14,930 shares of the bank’s stock worth $705,000 after purchasing an additional 258 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Community Bank System by 6.2% in the second quarter. CIBC Asset Management Inc now owns 5,235 shares of the bank’s stock worth $247,000 after buying an additional 307 shares during the period. KBC Group NV grew its stake in shares of Community Bank System by 23.6% in the third quarter. KBC Group NV now owns 1,816 shares of the bank’s stock valued at $105,000 after buying an additional 347 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Community Bank System by 1.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,088 shares of the bank’s stock valued at $1,373,000 after buying an additional 484 shares during the period. Institutional investors and hedge funds own 73.79% of the company’s stock.

Insider Buying and Selling

In related news, Director John F. Whipple sold 3,937 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $73.10, for a total value of $287,794.70. Following the completion of the transaction, the director now directly owns 5,823 shares in the company, valued at approximately $425,661.30. This represents a 40.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.89% of the stock is currently owned by insiders.

Community Bank System Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 13th will be paid a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend is Friday, December 13th. Community Bank System’s payout ratio is currently 57.32%.

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.