Chemung Financial Corp (NASDAQ:CHMG) to Issue $0.34 Quarterly Dividend

Chemung Financial Corp (NASDAQ:CHMG) declared a quarterly dividend on Tuesday, November 18th. Investors of record on Friday, December 19th will be paid a dividend of 0.34 per share by the bank on Friday, January 2nd. This represents a c) dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, December 19th.

Chemung Financial has raised its dividend payment by an average of 0.0%per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Chemung Financial has a dividend payout ratio of 21.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Chemung Financial to earn $6.01 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 22.6%.

Chemung Financial Stock Up 0.4%

Shares of Chemung Financial stock opened at $50.69 on Wednesday. Chemung Financial has a 12-month low of $40.71 and a 12-month high of $55.73. The firm has a market capitalization of $242.81 million, a PE ratio of 18.30 and a beta of 0.44. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.19. The stock’s fifty day moving average is $51.85 and its 200-day moving average is $50.54.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Friday, July 25th. The bank reported $1.26 earnings per share (EPS) for the quarter. The business had revenue of $25.71 million for the quarter. Chemung Financial had a net margin of 9.58% and a return on equity of 11.28%. Equities analysts anticipate that Chemung Financial will post 5.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CHMG shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Chemung Financial in a report on Monday. Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Zacks Research lowered shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 29th. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $54.50.

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.