Chemung Financial (NASDAQ:CHMG) Announces Earnings Results, Beats Expectations By $0.67 EPS

Chemung Financial (NASDAQ:CHMG) posted its earnings results on Thursday. The bank reported $2.63 EPS for the quarter, topping the consensus estimate of $1.96 by $0.67, FiscalAI reports. Chemung Financial had a net margin of 23.36% and a return on equity of 14.64%. The firm had revenue of $31.98 million for the quarter, compared to the consensus estimate of $31.87 million.

Chemung Financial Trading Up 0.8%

Shares of NASDAQ:CHMG opened at $83.88 on Friday. Chemung Financial has a 52-week low of $50.05 and a 52-week high of $86.00. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.04. The company has a market cap of $404.30 million, a P/E ratio of 10.52 and a beta of 0.58. The stock’s 50-day moving average is $82.23 and its 200-day moving average is $75.24.

Chemung Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th were given a $0.36 dividend. This is an increase from Chemung Financial’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Thursday, September 17th. Chemung Financial’s dividend payout ratio (DPR) is 18.07%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Zacks Research cut Chemung Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Keefe, Bruyette & Woods increased their price objective on Chemung Financial from $77.00 to $81.00 and gave the company a “market perform” rating in a report on Tuesday, July 28th. Hovde Group began coverage on Chemung Financial in a research note on Monday, October 12th. They issued a “market perform” rating and a $88.00 price objective on the stock. Weiss Ratings downgraded Chemung Financial from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday. Finally, Raymond James Financial started coverage on Chemung Financial in a report on Tuesday, September 1st. They issued an “outperform” rating and a $87.00 target price for the company. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $87.75.

Insiders Place Their Bets

In related news, EVP Loren Cole sold 5,160 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $83.50, for a total transaction of $430,860.00. Following the completion of the sale, the executive vice president owned 5,164 shares in the company, valued at $431,194. This represents a 49.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 12.69% of the stock is currently owned by insiders.

Chemung Financial Company Profile

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, families, businesses and municipalities.

The company offers deposit accounts, residential and commercial lending, mortgages, consumer loans, credit and debit cards, online and mobile banking, and other traditional banking services. Through its wealth management and trust operations, Chemung Financial also provides investment management, fiduciary services, retirement planning and estate-related services.

Founded in 1833, Chemung Canal Trust Company is one of the longstanding banking institutions in New York’s Southern Tier.