Chemung Financial Corp (NASDAQ:CHMG) Raises Dividend to $0.36 Per Share

Chemung Financial Corp (NASDAQ:CHMG) announced a quarterly dividend on Wednesday, August 19th. Shareholders of record on Thursday, September 17th will be given a dividend of 0.36 per share by the bank on Thursday, October 1st. This represents a c) annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Thursday, September 17th. This is a 5.9% increase from Chemung Financial’s previous quarterly dividend of $0.34.

Chemung Financial has raised its dividend payment by an average of 0.0%per year over the last three years and has raised its dividend every year for the last 1 years. Chemung Financial has a dividend payout ratio of 21.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Chemung Financial to earn $7.40 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 18.4%.

Chemung Financial Stock Performance

Shares of NASDAQ CHMG opened at $81.64 on Thursday. The company has a market capitalization of $393.59 million, a PE ratio of 11.73 and a beta of 0.58. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. The company’s fifty day moving average price is $77.16 and its 200 day moving average price is $66.94. Chemung Financial has a 1 year low of $49.82 and a 1 year high of $85.00.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.05. The company had revenue of $31.17 million during the quarter, compared to analysts’ expectations of $30.52 million. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%. On average, research analysts predict that Chemung Financial will post 7.39 earnings per share for the current year.

Institutional Trading of Chemung Financial

Hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc acquired a new position in shares of Chemung Financial in the 2nd quarter valued at $28,000. Tower Research Capital LLC TRC increased its stake in Chemung Financial by 90.8% in the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock valued at $43,000 after purchasing an additional 426 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Chemung Financial by 81.1% in the third quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock valued at $48,000 after buying an additional 412 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Chemung Financial by 108.1% during the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock worth $57,000 after buying an additional 563 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in 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 valued at $110,000 after acquiring an additional 330 shares during the period. Institutional investors and hedge funds own 47.50% of the company’s stock.

Chemung Financial Company Profile

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.