Chemung Financial (NASDAQ:CHMG) Posts Earnings Results, Beats Estimates By $0.05 EPS

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

Chemung Financial Price Performance

NASDAQ CHMG traded up $0.40 during mid-day trading on Tuesday, hitting $47.12. The stock had a trading volume of 23,239 shares, compared to its average volume of 9,471. The company has a 50 day simple moving average of $49.92 and a 200 day simple moving average of $48.34. The company has a market cap of $224.29 million, a price-to-earnings ratio of 10.42 and a beta of 0.19. Chemung Financial has a 52-week low of $39.00 and a 52-week 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.

Chemung Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend was Thursday, December 19th. Chemung Financial’s dividend payout ratio (DPR) is 27.43%.

Insiders Place Their Bets

In related news, EVP Loren D. Cole sold 1,000 shares of Chemung Financial stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total transaction of $51,210.00. Following the completion of the sale, the executive vice president now owns 4,771 shares in the company, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph F. Iv Meade bought 592 shares of Chemung Financial stock in a transaction on Wednesday, January 15th. The stock was purchased at an average price of $47.33 per share, for a total transaction of $28,019.36. Following the completion of the acquisition, the director now owns 3,710 shares in the company, valued at $175,594.30. This represents a 18.99 % increase in their position. The disclosure for this purchase can be found here. 12.04% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods increased their target price 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 cut Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, Piper Sandler began coverage on shares of Chemung Financial in a research report on Friday, December 20th. They set a “neutral” rating and a $57.00 target price on the stock.

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.