Chemung Financial (NASDAQ:CHMG) Issues Quarterly Earnings Results, Beats Estimates By $0.69 EPS

Chemung Financial (NASDAQ:CHMG) posted its quarterly earnings results on Thursday. The bank reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.69, FiscalAI reports. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.

Chemung Financial Trading Up 1.9%

Shares of NASDAQ:CHMG traded up $1.58 during midday trading on Thursday, hitting $83.23. The company had a trading volume of 53,122 shares, compared to its average volume of 38,911. Chemung Financial has a 12 month low of $50.05 and a 12 month high of $86.00. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The stock has a market cap of $401.17 million, a price-to-earnings ratio of 11.96 and a beta of 0.58. The firm has a fifty day simple moving average of $82.24 and a 200 day simple moving average of $74.97.

Chemung Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th were given a $0.36 dividend. The ex-dividend date was Thursday, September 17th. This represents a $1.44 annualized dividend and a dividend yield of 1.7%. This is an increase from Chemung Financial’s previous quarterly dividend of $0.34. Chemung Financial’s dividend payout ratio is 20.69%.

Analyst Upgrades and Downgrades

CHMG has been the subject of several recent research reports. Raymond James Financial started coverage on Chemung Financial in a report on Tuesday, September 1st. They set an “outperform” rating and a $87.00 price objective for the company. Zacks Research lowered shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Hovde Group assumed coverage on shares of Chemung Financial in a research report on Monday, October 12th. They set a “market perform” rating and a $88.00 price target for the company. Wall Street Zen cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a research report on Saturday, October 3rd. Finally, DA Davidson initiated coverage on shares of Chemung Financial in a research note on Monday, September 28th. They set a “buy” rating and a $95.00 price target for the company. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $87.75.

Insider Activity at Chemung Financial

In related news, EVP Loren Cole sold 5,160 shares of the company’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $83.50, for a total value of $430,860.00. Following the completion of the sale, the executive vice president owned 5,164 shares in the company, valued at approximately $431,194. This represents a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 12.69% of the stock is currently owned by company insiders.

About Chemung Financial

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, businesses, municipalities and nonprofit organizations.

The company’s banking activities include deposit accounts, residential and commercial real estate lending, consumer loans, business loans, mortgages, cash-management services, online and mobile banking, and other treasury-management solutions.