Chemung Financial (NASDAQ:CHMG) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Chemung Financial (NASDAQ:CHMG) issued its earnings results on Monday. The bank reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.01, FiscalAI reports. The firm had revenue of $30.52 million for the quarter, compared to analyst estimates of $29.48 million. Chemung Financial had a net margin of 9.58% and a return on equity of 11.28%.

Chemung Financial Trading Up 1.5%

NASDAQ:CHMG traded up $0.88 on Monday, reaching $57.68. 6,021 shares of the stock traded hands, compared to its average volume of 6,240. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. Chemung Financial has a 1-year low of $40.71 and a 1-year high of $60.80. The company’s 50 day moving average is $54.84 and its 200-day moving average is $53.00. The firm has a market capitalization of $276.29 million, a price-to-earnings ratio of 20.82 and a beta of 0.49.

Chemung Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 19th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Friday, December 19th. Chemung Financial’s dividend payout ratio is currently 49.10%.

Insider Activity at Chemung Financial

In other news, Director Jeffrey B. Streeter acquired 2,184 shares of the firm’s stock in a transaction dated Wednesday, October 29th. The stock was bought at an average cost of $51.92 per share, for a total transaction of $113,393.28. Following the completion of the transaction, the director directly owned 32,726 shares in the company, valued at $1,699,133.92. This represents a 7.15% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 12.04% of the company’s stock.

Institutional Trading of Chemung Financial

Institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC grew its holdings in Chemung Financial by 90.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock worth $43,000 after acquiring an additional 426 shares during the period. Russell Investments Group Ltd. grew its stake in Chemung Financial by 81.1% during the third 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 grew its stake in Chemung Financial by 108.1% during the third quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock worth $57,000 after purchasing an additional 563 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Chemung Financial by 16.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock worth $110,000 after purchasing an additional 330 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of Chemung Financial by 27.7% during the 2nd quarter. Rhumbline Advisers now owns 4,074 shares of the bank’s stock worth $197,000 after buying an additional 883 shares in the last quarter. Institutional investors own 47.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CHMG shares. Wall Street Zen upgraded Chemung Financial from a “hold” rating to a “buy” rating in a research note on Saturday, December 27th. Zacks Research downgraded Chemung Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 3rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Chemung Financial in a research note on Monday, December 29th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Chemung Financial presently has an average rating of “Reduce” and an average target price of $54.50.

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.