Chemung Financial (NASDAQ:CHMG) Announces Earnings Results, Beats Estimates By $0.05 EPS

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

Chemung Financial Stock Up 0.9 %

Chemung Financial stock traded up $0.40 during trading on Tuesday, reaching $47.12. The stock had a trading volume of 23,239 shares, compared to its average volume of 9,471. Chemung Financial has a 52-week low of $39.00 and a 52-week high of $55.73. The business has a 50 day moving average price of $49.92 and a 200 day moving average price of $48.34. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24. The stock has a market cap of $224.29 million, a PE ratio of 10.42 and a beta of 0.19.

Chemung Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were issued a $0.31 dividend. The ex-dividend date was Thursday, December 19th. This represents a $1.24 annualized dividend and a yield of 2.63%. Chemung Financial’s dividend payout ratio (DPR) is 27.43%.

Wall Street Analysts Forecast Growth

CHMG has been the subject of a number of research reports. StockNews.com cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Keefe, Bruyette & Woods boosted their price target on shares of Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler began coverage on Chemung Financial in a research note on Friday, December 20th. They issued a “neutral” rating and a $57.00 price objective on the stock.

Insider Activity

In other news, EVP Loren D. Cole sold 1,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total value of $51,210.00. Following the completion of the sale, the executive vice president now directly owns 4,771 shares of the company’s stock, valued at approximately $244,322.91. This represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph F. Iv Meade bought 592 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was acquired at an average cost of $47.33 per share, for a total transaction of $28,019.36. Following the completion of the acquisition, the director now directly owns 3,710 shares in the company, valued at approximately $175,594.30. This trade represents a 18.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 12.04% of the company’s stock.

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.