Community Bank System
The shares trade for 2.2 times tangible book value, and for 13 times the consensus 2013 EPS estimate of $2.15. The consensus 2012 EPS estimate is $2.07.
Based on a 27-cent quarter payout, the shares have a dividend yield of 3.76%. The company on Aug. 23 raised the quarterly dividend by a penny from 26 cents, saying "this increase marks the twentieth (20th) consecutive year of dividend increases for the Company."For the 12-month period ended June 30, the company's ROA was 1.15%, while its ROE was 9.37%, according to Thomson Reuters Bank insight. Community Bank System in July completed its purchase of 16 former HSBC (HBC) branches from First Niagara Financial Group (FNFG) as part of that company's divestiture of roughly 100 branches, after it bought about 200 branches from HSBC. With the branch Purchase, Community Bank System brought on about $697 million in deposits and $107 million in performing loans, paying a premium of $23 million. Guggenheim analyst David Darst has a neutral rating on Community Bank System, with a price target of $28, saying on July 26 when the shares were trading below $27 that they were "in line with the historical earnings multiple," and that "a premium valuation versus peers is warranted given the company's clean asset quality, favorable market demographics with growth opportunities, and our expectations for CBU to generate ~17%
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