Community Bank System Inc.
) achieved a new 52-week high, touching $37.55 in the second half
of the trading session on Nov 21, 2013. The stock closed the
session at $37.51, registering a solid year-to-date return of
35.9%. The trading volume for the session was 0.14 million
shares, higher than the average of 0.12 million over the last 3
Despite the strong price appreciation, this Zacks Rank #3 (Hold)
stock has plenty of upside left, given its estimate revisions
over the last 30 days and expected long-term earnings growth of
Impressive third-quarter 2013 results comprising a positive
earnings surprise of 3.9%, along with underlying strength in its
balance sheet driven by restructuring initiatives were the
primary growth drivers for Community Bank.
On Oct 21, Community Bank reported third-quarter results. The
company's earnings 54 cents per share outpaced the Zacks
Consensus Estimate of 52 cents. Results benefited from top-line
growth, partially offset by higher expenses.
Additionally, in July, Community Bank announced a deal to acquire
8 branch-banking locations from Bank of America, N.A, banking
Bank of America Corporation
). The deal, which is expected to close by the end of this year,
will add nearly $340 million in deposits to the company's balance
Over the last 30 days, 3 out of 4 estimates for 2013 have been
revised upward, lifting the Zacks Consensus Estimate by 1% to
$2.08 per share. Similarly, for 2014, 3 out of 4 estimates moved
north over the same time frame, causing the Zacks Consensus
Estimate to rise by 1.4% to $2.14 per share.
Some better-ranked stocks in the finance sector include
CNB Financial Corp.
Arrow Financial Corporation
). Both these carry a Zacks Rank #1 (Strong Buy).
ARROW FINL CORP (AROW): Free Stock Analysis
BANK OF AMER CP (BAC): Free Stock Analysis
COMMNTY BK SYS (CBU): Free Stock Analysis
CNB FINL CP PA (CCNE): Free Stock Analysis
To read this article on Zacks.com click here.