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

Chemung Financial (NASDAQ:CHMG) announced its quarterly earnings results on Tuesday. The bank reported $1.24 EPS for the quarter, topping analysts’ consensus estimates 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 Trading Up 0.9 %

NASDAQ CHMG traded up $0.40 during trading on Tuesday, hitting $47.12. The company had a trading volume of 23,239 shares, compared to its average volume of 9,471. The company’s fifty day moving average is $49.92 and its 200-day moving average is $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. 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 one year low of $39.00 and a one year high of $55.73.

Chemung Financial Announces Dividend

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

Insider Activity at Chemung Financial

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total transaction of $51,210.00. Following the completion of the transaction, the executive vice president now owns 4,771 shares of the company’s stock, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joseph F. Iv Meade bought 592 shares of Chemung Financial 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 transaction, 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. 12.04% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

About Chemung Financial

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.