Chemung Financial (NASDAQ:CHMG) Announces Earnings Results

Chemung Financial (NASDAQ:CHMG) issued its quarterly earnings results on Wednesday. The bank reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.05, Zacks reports. Chemung Financial had a return on equity of 12.45% and a net margin of 12.77%.The firm had revenue of $31.17 million for the quarter, compared to analyst estimates of $30.52 million.

Chemung Financial Stock Performance

Chemung Financial stock opened at $74.95 on Thursday. Chemung Financial has a 1-year low of $48.61 and a 1-year high of $78.42. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $361.26 million, a PE ratio of 19.78 and a beta of 0.59. The firm’s 50 day simple moving average is $72.02 and its 200 day simple moving average is $63.31.

Chemung Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Wednesday, June 17th. Chemung Financial’s dividend payout ratio (DPR) is 35.88%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CHMG shares. Zacks Research downgraded Chemung Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Weiss Ratings upgraded shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 22nd. Finally, Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday, April 19th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $64.00.

Insider Buying and Selling at Chemung Financial

In other news, Director Thomas R. Tyrrell sold 788 shares of the company’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $65.33, for a total value of $51,480.04. Following the transaction, the director owned 8,050 shares of the company’s stock, valued at approximately $525,906.50. This represents a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 12.69% of the company’s stock.

Institutional Trading of Chemung Financial

A number of large investors have recently modified their holdings of CHMG. Tower Research Capital LLC TRC grew its stake in shares of Chemung Financial by 90.8% during the second quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock valued at $43,000 after buying an additional 426 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Chemung Financial by 81.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock worth $48,000 after purchasing an additional 412 shares during the period. BNP Paribas Financial Markets boosted its position in Chemung Financial by 108.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock valued at $57,000 after acquiring an additional 563 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Chemung Financial by 16.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock worth $110,000 after acquiring an additional 330 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of Chemung Financial by 11.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,310 shares of the bank’s stock worth $129,000 after acquiring an additional 245 shares in the last quarter. Institutional investors 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.