Chemung Financial (NASDAQ:CHMG) Releases Earnings Results, Beats Expectations By $0.28 EPS

Chemung Financial (NASDAQ:CHMG) posted its quarterly earnings data on Friday. The bank reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.28, FiscalAI reports. Chemung Financial had a net margin of 10.73% and a return on equity of 11.58%. The business had revenue of $29.90 million during the quarter, compared to the consensus estimate of $29.21 million.

Chemung Financial Trading Up 5.9%

Shares of CHMG opened at $62.82 on Friday. The stock’s 50-day moving average price is $56.43 and its 200 day moving average price is $55.03. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $302.79 million, a price-to-earnings ratio of 20.01 and a beta of 0.45. Chemung Financial has a 12-month low of $41.52 and a 12-month high of $65.50.

Chemung Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Wednesday, March 18th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, March 18th. This represents a $1.36 dividend on an annualized basis and a yield of 2.2%. Chemung Financial’s dividend payout ratio (DPR) is 43.31%.

Insider Buying and Selling

In related news, Director Robert H. Dalrymple sold 2,833 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $56.56, for a total value of $160,234.48. Following the completion of the transaction, the director directly owned 1,351 shares in the company, valued at approximately $76,412.56. This represents a 67.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Daniel D. Fariello sold 748 shares of the firm’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $61.13, for a total value of $45,725.24. Following the completion of the transaction, the insider directly owned 7,110 shares of the company’s stock, valued at approximately $434,634.30. This trade represents a 9.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 3,823 shares of company stock valued at $220,860 in the last quarter. Corporate insiders own 12.41% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

A number of hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings in shares of Chemung Financial by 16.1% during the 2nd quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock worth $4,521,000 after acquiring an additional 12,917 shares during the period. Goldman Sachs Group Inc. lifted its stake in Chemung Financial by 44.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 39,056 shares of the bank’s stock worth $2,179,000 after purchasing an additional 11,981 shares during the period. Millennium Management LLC lifted its stake in Chemung Financial by 84.2% during the third quarter. Millennium Management LLC now owns 13,886 shares of the bank’s stock worth $729,000 after purchasing an additional 6,346 shares during the period. Jane Street Group LLC acquired a new stake in Chemung Financial during the first quarter valued at approximately $255,000. Finally, Cerity Partners LLC bought a new stake in shares of Chemung Financial in the 4th quarter valued at approximately $277,000. Institutional investors and hedge funds own 47.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CHMG. Zacks Research raised shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Keefe, Bruyette & Woods raised their target price on Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a report on Wednesday, January 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chemung Financial in a research report on Friday, March 27th. Finally, Wall Street Zen lowered Chemung Financial from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. One analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.00.

About Chemung Financial

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.