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

Chemung Financial (NASDAQ:CHMG) posted its earnings results on Wednesday. The bank reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.05, Zacks reports. Chemung Financial had a net margin of 12.77% and a return on equity of 12.45%.

Chemung Financial Stock Performance

Chemung Financial stock traded down $1.79 during mid-day trading on Wednesday, reaching $74.95. The company had a trading volume of 95,919 shares, compared to its average volume of 25,615. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.47. The firm has a market cap of $361.26 million, a price-to-earnings ratio of 19.78 and a beta of 0.59. The company has a 50 day moving average of $71.85 and a 200-day moving average of $63.18. Chemung Financial has a 52 week low of $48.61 and a 52 week high of $78.42.

Chemung Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 17th were issued a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $1.36 dividend on an annualized basis and a yield of 1.8%. Chemung Financial’s dividend payout ratio is 35.88%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Zacks Research cut shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a report on Friday, June 5th. Weiss Ratings raised Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. Finally, Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a research note on Sunday, April 19th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Chemung Financial presently has an average rating of “Hold” and a consensus target price of $64.00.

Insider Activity

In other news, Director Thomas R. Tyrrell sold 788 shares of the business’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $65.33, for a total transaction of $51,480.04. Following the transaction, the director owned 8,050 shares in the company, valued at approximately $525,906.50. The trade was a 8.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 12.69% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

Hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its stake in Chemung Financial by 11.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,310 shares of the bank’s stock valued at $129,000 after acquiring an additional 245 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Chemung Financial by 16.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock worth $110,000 after acquiring an additional 330 shares during the period. Bridgeway Capital Management LLC grew its holdings in shares of Chemung Financial by 0.5% during the 2nd quarter. Bridgeway Capital Management LLC now owns 75,992 shares of the bank’s stock worth $3,683,000 after purchasing an additional 350 shares in the last quarter. Captrust Financial Advisors grew its holdings in shares of Chemung Financial by 5.0% during the 4th quarter. Captrust Financial Advisors now owns 7,880 shares of the bank’s stock worth $440,000 after purchasing an additional 372 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Chemung Financial by 81.1% during the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock valued at $48,000 after purchasing an additional 412 shares during the period. Institutional investors own 47.50% of the company’s stock.

About Chemung Financial

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.