Brokerages expect that Chemung Financial Co. (NASDAQ:CHMG) will announce $1.22 earnings per share (EPS) for the current quarter, Zacks reports. Two analysts have made estimates for Chemung Financial’s earnings, with the lowest EPS estimate coming in at $1.15 and the highest estimate coming in at $1.28. Chemung Financial posted earnings per share of $1.19 in the same quarter last year, which indicates a positive year over year growth rate of 2.5%. The firm is expected to report its next earnings results on Monday, October 18th.
On average, analysts expect that Chemung Financial will report full year earnings of $5.15 per share for the current year, with EPS estimates ranging from $5.05 to $5.25. For the next fiscal year, analysts forecast that the firm will report earnings of $4.41 per share, with EPS estimates ranging from $4.27 to $4.55. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that cover Chemung Financial.
Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Thursday, July 22nd. The bank reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.30. The company had revenue of $22.57 million during the quarter, compared to analysts’ expectations of $21.57 million. Chemung Financial had a net margin of 26.62% and a return on equity of 12.20%.
In related news, Director Jeffrey B. Streeter purchased 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 5th. The shares were bought at an average cost of $45.94 per share, with a total value of $68,910.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jeffrey B. Streeter bought 883 shares of Chemung Financial stock in a transaction on Thursday, August 19th. The shares were acquired at an average cost of $46.22 per share, for a total transaction of $40,812.26. The disclosure for this purchase can be found here. Insiders bought a total of 3,895 shares of company stock valued at $180,474 over the last 90 days. Corporate insiders own 13.32% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in CHMG. O Shaughnessy Asset Management LLC lifted its position in shares of Chemung Financial by 5,426.7% during the 2nd quarter. O Shaughnessy Asset Management LLC now owns 1,658 shares of the bank’s stock valued at $73,000 after acquiring an additional 1,628 shares during the period. BNP Paribas Arbitrage SA raised its holdings in Chemung Financial by 84.0% during the first quarter. BNP Paribas Arbitrage SA now owns 1,774 shares of the bank’s stock worth $74,000 after buying an additional 810 shares during the last quarter. Barclays PLC raised its holdings in Chemung Financial by 159.3% during the first quarter. Barclays PLC now owns 2,902 shares of the bank’s stock worth $121,000 after buying an additional 1,783 shares during the last quarter. Guardian Wealth Advisors LLC acquired a new position in Chemung Financial during the first quarter worth $165,000. Finally, Marshall Wace LLP acquired a new position in Chemung Financial during the first quarter worth $185,000. Institutional investors own 35.81% of the company’s stock.
Chemung Financial stock remained flat at $$44.13 during midday trading on Friday. 1,379 shares of the company’s stock traded hands, compared to its average volume of 15,650. Chemung Financial has a twelve month low of $27.38 and a twelve month high of $48.88. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.75 and a current ratio of 0.75. The company has a fifty day simple moving average of $45.84 and a 200-day simple moving average of $44.25. The company has a market capitalization of $205.73 million, a P/E ratio of 8.59 and a beta of 0.08.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Stockholders of record on Friday, September 17th will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend is Thursday, September 16th. Chemung Financial’s payout ratio is presently 30.92%.
Chemung Financial Company Profile
Chemung Financial Corp. operates as a holding company. It operates through following segments: Core Banking and Wealth Management Services (WMG). The Core Banking segment attracts deposits from the general public and using such funds to originate consumer, commercial, commercial real estate, and residential mortgage loans, primarily in the local markets of the firm and to invest in securities.
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