Chemung Financial Corp. (NASDAQ:CHMG) announced a quarterly dividend on Wednesday, May 20th, Zacks reports. Stockholders of record on Wednesday, June 17th will be paid a dividend of 0.26 per share by the bank on Wednesday, July 1st. This represents a $1.04 annualized dividend and a dividend yield of 4.17%. The ex-dividend date is Tuesday, June 16th.
Chemung Financial has a dividend payout ratio of 43.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Chemung Financial to earn $2.48 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 41.9%.
Shares of NASDAQ CHMG traded down $1.41 during trading on Friday, reaching $24.93. The company had a trading volume of 7,751 shares, compared to its average volume of 9,019. The business’s 50-day moving average is $26.38 and its 200 day moving average is $36.42. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.06. Chemung Financial has a 12-month low of $21.75 and a 12-month high of $49.00. The stock has a market cap of $127.14 million, a PE ratio of 8.90 and a beta of 0.07.
Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Monday, May 4th. The bank reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.24). Chemung Financial had a net margin of 15.75% and a return on equity of 7.43%. The company had revenue of $19.79 million during the quarter, compared to analysts’ expectations of $19.62 million. On average, analysts anticipate that Chemung Financial will post 2.25 earnings per share for the current year.
A number of research analysts recently issued reports on CHMG shares. Zacks Investment Research upgraded shares of Chemung Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, May 6th. DA Davidson upgraded Chemung Financial from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $44.00 to $37.00 in a research note on Monday, March 9th. TheStreet cut Chemung Financial from a “b-” rating to a “c+” rating in a research note on Tuesday, March 10th. Finally, ValuEngine raised Chemung Financial from a “sell” rating to a “hold” rating in a research report on Monday. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $43.00.
In other news, Director Ronald M. Bentley bought 7,500 shares of the firm’s stock in a transaction on Friday, March 20th. The stock was purchased at an average price of $26.01 per share, for a total transaction of $195,075.00. Following the transaction, the director now owns 5,420 shares in the company, valued at $140,974.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anders Tomson purchased 2,000 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were acquired at an average price of $25.14 per share, for a total transaction of $50,280.00. Following the purchase, the chief executive officer now owns 25,139 shares in the company, valued at $631,994.46. The disclosure for this purchase can be found here. Insiders have bought 20,796 shares of company stock valued at $537,083 in the last three months. 19.04% of the stock is owned by insiders.
Chemung Financial Company Profile
Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.
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