Community Bank System (NYSE:CBU) Rating Lowered to Hold at Zacks Investment Research

Community Bank System (NYSE:CBU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “Community Bank System, Inc. is a bank holding company. “

CBU has been the subject of several other reports. Stephens initiated coverage on Community Bank System in a report on Monday, June 1st. They set an “equal weight” rating for the company. Raymond James reiterated a “hold” rating on shares of Community Bank System in a report on Friday, August 21st.

Shares of Community Bank System stock opened at $58.02 on Tuesday. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of 19.40 and a beta of 0.74. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.78 and a quick ratio of 0.78. Community Bank System has a 52-week low of $47.01 and a 52-week high of $72.63. The stock has a 50-day simple moving average of $59.36 and a 200-day simple moving average of $58.47.

Community Bank System (NYSE:CBU) last announced its quarterly earnings results on Monday, July 27th. The bank reported $0.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.16. The business had revenue of $144.90 million during the quarter, compared to analyst estimates of $147.27 million. Community Bank System had a return on equity of 8.69% and a net margin of 25.46%. The firm’s revenue was down 2.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.80 EPS. As a group, equities research analysts predict that Community Bank System will post 2.97 earnings per share for the current year.

Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in shares of Community Bank System by 7.0% in the 1st quarter. Geode Capital Management LLC now owns 718,475 shares of the bank’s stock valued at $42,246,000 after acquiring an additional 46,982 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Community Bank System by 17.0% in the 1st quarter. Nuveen Asset Management LLC now owns 249,924 shares of the bank’s stock valued at $14,695,000 after acquiring an additional 36,390 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Community Bank System by 13.3% in the 1st quarter. Victory Capital Management Inc. now owns 89,227 shares of the bank’s stock valued at $5,247,000 after acquiring an additional 10,485 shares in the last quarter. Royal Bank of Canada increased its position in Community Bank System by 30.8% in the 1st quarter. Royal Bank of Canada now owns 114,152 shares of the bank’s stock worth $6,712,000 after buying an additional 26,878 shares during the period. Finally, State Street Corp increased its position in Community Bank System by 8.6% in the 1st quarter. State Street Corp now owns 4,314,669 shares of the bank’s stock worth $255,504,000 after buying an additional 342,692 shares during the period. 68.57% 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 accounts, as well as time deposits.

See Also: Depreciation

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