Analysts Anticipate Chemung Financial Corp. (NASDAQ:CHMG) to Announce $0.93 Earnings Per Share

Chemung Financial Corp. (NASDAQ:CHMG) has earned an average broker rating score of 3.00 (Hold) from the two analysts that provide coverage for the company, Zacks Investment Research reports. Two research analysts have rated the stock with a hold rating.

Analysts have set a 12-month consensus target price of $51.00 for the company and are expecting that the company will post $0.93 EPS for the current quarter, according to Zacks. Zacks has also assigned Chemung Financial an industry rank of 198 out of 256 based on the ratings given to its competitors.

Several research analysts have commented on the company. Zacks Investment Research raised Global Ship Lease from a “hold” rating to a “strong-buy” rating and set a $7.75 price target on the stock in a research report on Monday, June 3rd. Sandler O’Neill set a $60.00 target price on Eagle Bancorp and gave the company a “buy” rating in a report on Monday, April 22nd.

CHMG traded down $0.25 during trading on Friday, hitting $47.72. 6 shares of the stock were exchanged, compared to its average volume of 5,901. The company has a market cap of $234.47 million, a price-to-earnings ratio of 12.43 and a beta of 0.26. Chemung Financial has a 1-year low of $36.87 and a 1-year high of $51.69. The company’s fifty day simple moving average is $47.14. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings results on Wednesday, April 17th. The bank reported $0.92 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.04). The firm had revenue of $20.09 million for the quarter, compared to analyst estimates of $20.32 million. Chemung Financial had a return on equity of 10.95% and a net margin of 22.32%. On average, analysts forecast that Chemung Financial will post 3.82 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Monday, June 17th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date was Friday, June 14th. Chemung Financial’s payout ratio is currently 27.37%.

Several large investors have recently added to or reduced their stakes in CHMG. BNP Paribas Arbitrage SA increased its holdings in shares of Chemung Financial by 655.9% in the first quarter. BNP Paribas Arbitrage SA now owns 703 shares of the bank’s stock valued at $33,000 after purchasing an additional 610 shares during the period. Marshall Wace LLP acquired a new position in shares of Chemung Financial in the first quarter valued at approximately $185,000. Bank of America Corp DE increased its holdings in shares of Chemung Financial by 10.8% in the fourth quarter. Bank of America Corp DE now owns 4,703 shares of the bank’s stock valued at $194,000 after purchasing an additional 457 shares during the period. Rhumbline Advisers acquired a new position in shares of Chemung Financial in the first quarter valued at approximately $224,000. Finally, Bessemer Group Inc. increased its holdings in shares of Chemung Financial by 147.8% in the fourth quarter. Bessemer Group Inc. now owns 5,700 shares of the bank’s stock valued at $235,000 after purchasing an additional 3,400 shares during the period. 35.23% of the stock is currently owned by institutional investors and hedge funds.

About Chemung Financial

Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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