Chemung Financial (NASDAQ:CHMG) Releases Earnings Results, Beats Expectations By $0.05 EPS

Chemung Financial (NASDAQ:CHMG) posted its quarterly earnings data on Tuesday. The bank reported $1.24 EPS for the quarter, beating the consensus estimate of $1.19 by $0.05, Zacks reports. Chemung Financial had a return on equity of 10.60% and a net margin of 14.56%.

Chemung Financial Trading Up 14.6 %

NASDAQ CHMG opened at $53.98 on Thursday. The stock’s 50-day simple moving average is $49.93 and its two-hundred day simple moving average is $48.38. Chemung Financial has a twelve month low of $39.00 and a twelve month high of $55.73. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $256.94 million, a price-to-earnings ratio of 11.94 and a beta of 0.19.

Chemung Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were given a $0.31 dividend. The ex-dividend date was Thursday, December 19th. This represents a $1.24 annualized dividend and a yield of 2.30%. Chemung Financial’s dividend payout ratio (DPR) is presently 27.43%.

Insider Activity

In other Chemung Financial news, Director Joseph F. Iv Meade bought 592 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were bought at an average price of $47.33 per share, for a total transaction of $28,019.36. Following the transaction, the director now directly owns 3,710 shares in the company, valued at $175,594.30. This trade represents a 18.99 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Loren D. Cole sold 1,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total transaction of $51,210.00. Following the sale, the executive vice president now owns 4,771 shares of the company’s stock, valued at approximately $244,322.91. The trade was a 17.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 12.04% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on CHMG. Keefe, Bruyette & Woods increased their price target on Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. StockNews.com downgraded Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Finally, Piper Sandler assumed coverage on shares of Chemung Financial in a report on Friday, December 20th. They set a “neutral” rating and a $57.00 target price on the stock.

Chemung Financial Company Profile

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.