Chemung Financial (NASDAQ:CHMG) Announces Quarterly Earnings Results

Chemung Financial (NASDAQ:CHMG) issued its quarterly earnings data on Tuesday. The bank reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.05, Zacks reports. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%.

Chemung Financial Stock Up 0.9 %

NASDAQ CHMG opened at $47.12 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24. Chemung Financial has a 1-year low of $39.00 and a 1-year high of $55.73. The company has a 50 day moving average of $49.85 and a 200-day moving average of $48.34. The company has a market cap of $224.29 million, a price-to-earnings ratio of 10.42 and a beta of 0.19.

Chemung Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were given a $0.31 dividend. The ex-dividend date was Thursday, December 19th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.63%. Chemung Financial’s payout ratio is 27.43%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CHMG shares. StockNews.com downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Keefe, Bruyette & Woods raised their price objective on shares of Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler initiated coverage on shares of Chemung Financial in a research report on Friday, December 20th. They set a “neutral” rating and a $57.00 price objective for the company.

Insider Activity

In related news, EVP Loren D. Cole sold 1,000 shares of Chemung Financial stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the transaction, the executive vice president now directly owns 4,771 shares of the company’s stock, valued at $244,322.91. This trade represents a 17.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joseph F. Iv Meade acquired 592 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was purchased at an average cost of $47.33 per share, for a total transaction of $28,019.36. Following the completion of the purchase, the director now directly owns 3,710 shares of the company’s stock, valued at $175,594.30. The trade was a 18.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 12.04% of the stock is owned by company insiders.

Chemung Financial Company Profile

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.