Chemung Financial Co. (NASDAQ:CHMG) Declares Quarterly Dividend of $0.32

Chemung Financial Co. (NASDAQ:CHMG) declared a quarterly dividend on Wednesday, February 19th,RTT News reports. Shareholders of record on Tuesday, March 18th will be given a dividend of 0.32 per share by the bank on Tuesday, April 1st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.47%. This is a positive change from Chemung Financial’s previous quarterly dividend of $0.31.

Chemung Financial has raised its dividend payment by an average of 1.4% per year over the last three years. Chemung Financial has a payout ratio of 19.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Chemung Financial to earn $6.01 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 20.6%.

Chemung Financial Trading Up 0.2 %

Shares of Chemung Financial stock traded up $0.12 during trading on Wednesday, reaching $51.73. 12,069 shares of the stock were exchanged, compared to its average volume of 10,830. 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 firm has a market cap of $246.23 million, a price-to-earnings ratio of 10.43 and a beta of 0.19. Chemung Financial has a 1 year low of $39.00 and a 1 year high of $55.73. The stock’s fifty day moving average is $49.45 and its 200 day moving average is $48.61.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Tuesday, January 28th. The bank reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.05. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. As a group, equities research analysts expect that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

CHMG has been the topic of several recent analyst reports. Piper Sandler began coverage on shares of Chemung Financial in a report on Friday, December 20th. They issued a “neutral” rating and a $57.00 price target on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, StockNews.com downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th.

Insider Buying and Selling

In other Chemung Financial news, Director Joseph F. Iv Meade bought 592 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were purchased at an average price of $47.33 per share, for a total transaction of $28,019.36. Following the acquisition, the director now owns 3,710 shares in the company, valued at approximately $175,594.30. This represents a 18.99 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 12.04% of the stock is owned by insiders.

About Chemung Financial

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.