Chemung Financial (NASDAQ:CHMG) Releases Earnings Results, Beats Expectations By $0.06 EPS

Chemung Financial (NASDAQ:CHMG) announced its quarterly earnings data on Tuesday. The bank reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.06, Yahoo Finance reports. Chemung Financial had a net margin of 16.02% and a return on equity of 11.33%. The business had revenue of $38.28 million for the quarter, compared to analyst estimates of $24.00 million.

Chemung Financial Stock Performance

Shares of NASDAQ:CHMG traded up $0.02 during midday trading on Wednesday, hitting $47.20. The stock had a trading volume of 5,420 shares, compared to its average volume of 9,784. The company has a market capitalization of $224.29 million, a PE ratio of 9.04 and a beta of 0.15. The stock has a 50 day moving average price of $46.94 and a two-hundred day moving average price of $45.14. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.42. Chemung Financial has a 1 year low of $38.75 and a 1 year high of $51.36.

Chemung Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were paid a $0.31 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.24 dividend on an annualized basis and a yield of 2.63%. Chemung Financial’s dividend payout ratio is presently 23.75%.

Insider Activity

In other Chemung Financial news, EVP Thomas W. Wirth sold 764 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $44.40, for a total transaction of $33,921.60. Following the transaction, the executive vice president now directly owns 3,926 shares in the company, valued at approximately $174,314.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 12.04% of the company’s stock.

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.