Chemung Financial Co. (NASDAQ:CHMG) Announces Quarterly Dividend of $0.31

Chemung Financial Co. (NASDAQ:CHMG) announced a quarterly dividend on Friday, August 20th, Zacks reports. Stockholders of record on Friday, September 17th will be given a dividend of 0.31 per share by the bank on Friday, October 1st. This represents a $1.24 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend is Thursday, September 16th.

Chemung Financial has a payout ratio of 24.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Chemung Financial to earn $4.41 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 28.1%.

CHMG stock opened at $45.60 on Wednesday. The company’s 50 day simple moving average is $45.62 and its 200-day simple moving average is $44.00. The firm has a market capitalization of $212.59 million, a PE ratio of 8.87 and a beta of 0.08. Chemung Financial has a 12 month low of $27.38 and a 12 month high of $48.88. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.75 and a quick ratio of 0.75.

Chemung Financial (NASDAQ:CHMG) last announced its earnings results on Thursday, July 22nd. The bank reported $1.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.30. Chemung Financial had a net margin of 26.62% and a return on equity of 12.20%. As a group, sell-side analysts anticipate that Chemung Financial will post 5.15 earnings per share for the current year.

In related news, Director Jeffrey B. Streeter acquired 883 shares of the firm’s stock in a transaction on Thursday, August 19th. The stock was bought at an average cost of $46.22 per share, with a total value of $40,812.26. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jeffrey B. Streeter purchased 1,500 shares of the firm’s stock in a transaction dated Thursday, August 5th. The stock was acquired at an average cost of $45.94 per share, with a total value of $68,910.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 3,895 shares of company stock worth $180,474. 13.32% of the stock is owned by company insiders.

Separately, Zacks Investment Research upgraded shares of Chemung Financial from a “hold” rating to a “strong-buy” rating and set a $54.00 target price on the stock in a research report on Tuesday, July 27th.

About Chemung Financial

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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Dividend History for Chemung Financial (NASDAQ:CHMG)

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