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

Chemung Financial (NASDAQ:CHMG) issued its quarterly 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 Performance

Shares of CHMG opened at $53.98 on Thursday. The stock has a 50-day moving average of $49.93 and a 200-day moving average of $48.38. Chemung Financial has a one year low of $39.00 and a one year high of $55.73. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $256.94 million, a PE ratio of 11.94 and a beta of 0.19.

Chemung Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were given a dividend of $0.31 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.30%. Chemung Financial’s dividend payout ratio (DPR) is presently 27.43%.

Insiders Place Their Bets

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

Analyst Ratings Changes

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

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.