Analysts expect that Chemung Financial Co. (NASDAQ:CHMG) will report $21.57 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Chemung Financial’s earnings, with the highest sales estimate coming in at $21.63 million and the lowest estimate coming in at $21.50 million. Chemung Financial posted sales of $20.67 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 4.4%. The firm is expected to announce its next earnings report on Monday, July 19th.
According to Zacks, analysts expect that Chemung Financial will report full year sales of $85.70 million for the current fiscal year, with estimates ranging from $85.00 million to $86.40 million. For the next fiscal year, analysts expect that the business will post sales of $85.55 million, with estimates ranging from $85.20 million to $85.90 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Chemung Financial.
Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Wednesday, April 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.26 by $0.13. Chemung Financial had a return on equity of 9.54% and a net margin of 21.06%.
Shares of Chemung Financial stock opened at $44.11 on Friday. The company’s fifty day simple moving average is $43.11 and its two-hundred day simple moving average is $37.72. Chemung Financial has a 12-month low of $24.07 and a 12-month high of $45.00. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.02. The company has a market cap of $205.68 million, a P/E ratio of 11.70 and a beta of 0.06.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 1st. Shareholders of record on Thursday, March 18th were issued a $0.26 dividend. The ex-dividend date of this dividend was Wednesday, March 17th. This represents a $1.04 dividend on an annualized basis and a yield of 2.36%. Chemung Financial’s dividend payout ratio (DPR) is 32.50%.
In other news, EVP Thomas W. Wirth sold 719 shares of the business’s stock in a transaction on Friday, April 30th. The shares were sold at an average price of $42.25, for a total transaction of $30,377.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders have sold 1,254 shares of company stock valued at $53,811 in the last three months. Insiders own 19.04% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Marshall Wace LLP bought a new position in shares of Chemung Financial during the first quarter valued at approximately $185,000. Morgan Stanley boosted its holdings in Chemung Financial by 106.6% in the third quarter. Morgan Stanley now owns 38,527 shares of the bank’s stock worth $1,112,000 after acquiring an additional 19,877 shares in the last quarter. BlackRock Inc. grew its stake in shares of Chemung Financial by 9.9% in the fourth quarter. BlackRock Inc. now owns 194,343 shares of the bank’s stock worth $6,597,000 after acquiring an additional 17,430 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Chemung Financial by 13.6% during the fourth quarter. Alliancebernstein L.P. now owns 43,880 shares of the bank’s stock valued at $1,490,000 after acquiring an additional 5,257 shares in the last quarter. Finally, BHZ Capital Management LP raised its position in shares of Chemung Financial by 165.3% in the 4th quarter. BHZ Capital Management LP now owns 19,402 shares of the bank’s stock worth $659,000 after purchasing an additional 12,088 shares during the last quarter. 35.63% of the stock is currently owned by institutional investors and hedge funds.
Chemung Financial Company Profile
Chemung Financial Corporation operates as the 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.
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