Chemung Financial (NASDAQ:CHMG) Issues Earnings Results, Beats Expectations By $0.69 EPS

Chemung Financial (NASDAQ:CHMG) announced its quarterly earnings results on Thursday. The bank reported $2.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.94 by $0.69, FiscalAI reports. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%.

Chemung Financial Price Performance

NASDAQ CHMG traded up $1.58 on Thursday, hitting $83.23. The company had a trading volume of 53,122 shares, compared to its average volume of 38,911. The company has a market capitalization of $401.17 million, a PE ratio of 11.96 and a beta of 0.58. The company’s fifty day moving average price is $82.24 and its 200-day moving average price is $74.97. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.04 and a quick ratio of 1.03. Chemung Financial has a 12-month low of $50.05 and a 12-month high of $86.00.

Chemung Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 17th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Thursday, September 17th. This is a boost from Chemung Financial’s previous quarterly dividend of $0.34. Chemung Financial’s payout ratio is presently 20.69%.

Insiders Place Their Bets

In other Chemung Financial news, EVP Loren Cole sold 5,160 shares of the stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $83.50, for a total transaction of $430,860.00. Following the transaction, the executive vice president directly owned 5,164 shares of the company’s stock, valued at $431,194. This trade represents a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 12.69% of the company’s stock.

Analysts Set New Price Targets

CHMG has been the subject of a number of recent analyst reports. Hovde Group initiated coverage on shares of Chemung Financial in a report on Monday, October 12th. They issued a “market perform” rating and a $88.00 price objective for the company. DA Davidson started coverage on shares of Chemung Financial in a research report on Monday, September 28th. They issued a “buy” rating and a $95.00 price objective for the company. Raymond James Financial assumed coverage on shares of Chemung Financial in a research note on Tuesday, September 1st. They set an “outperform” rating and a $87.00 target price on the stock. Keefe, Bruyette & Woods raised their target price on Chemung Financial from $77.00 to $81.00 and gave the company a “market perform” rating in a research report on Tuesday, July 28th. Finally, Wall Street Zen cut Chemung Financial from a “buy” rating to a “hold” rating in a research report on Saturday, October 3rd. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $87.75.

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, businesses, municipalities and nonprofit organizations.

The company’s banking activities include deposit accounts, residential and commercial real estate lending, consumer loans, business loans, mortgages, cash-management services, online and mobile banking, and other treasury-management solutions.