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

Chemung Financial Co. (NASDAQ:CHMG - Get Free Report) announced a quarterly dividend on Thursday, May 22nd, RTT News reports. Investors of record on Tuesday, June 17th will be paid a dividend of 0.32 per share by the bank on Tuesday, July 1st. This represents a $1.28 annualized dividend and a yield of 2.70%. The ex-dividend date is Tuesday, June 17th.

Chemung Financial has increased its dividend by an average of 1.4% per year over the last three years and has increased its dividend every year for the last 1 years. Chemung Financial has a payout ratio of 20.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Chemung Financial to earn $6.01 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 21.3%.

Chemung Financial Trading Down 2.0%

NASDAQ:CHMG traded down $0.95 during trading hours on Wednesday, hitting $47.36. 11,946 shares of the stock were exchanged, compared to its average volume of 13,610. The company's 50 day moving average is $45.35 and its two-hundred day moving average is $48.53. The company has a market capitalization of $226.83 million, a P/E ratio of 9.55 and a beta of 0.36. Chemung Financial has a twelve month low of $40.71 and a twelve month 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 (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings results on Friday, April 18th. The bank reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.22 by $0.04. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. The company had revenue of $25.71 million for the quarter, compared to the consensus estimate of $25.90 million. On average, sell-side analysts anticipate that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Jane Street Group LLC bought a new position in shares of Chemung Financial in the first quarter valued at $255,000. Empowered Funds LLC increased its stake in shares of Chemung Financial by 7.3% in the first quarter. Empowered Funds LLC now owns 23,894 shares of the bank's stock worth $1,137,000 after purchasing an additional 1,616 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in shares of Chemung Financial by 55.4% in the first quarter. AQR Capital Management LLC now owns 7,398 shares of the bank's stock valued at $352,000 after purchasing an additional 2,638 shares in the last quarter. Institutional investors own 47.50% of the company's stock.

Analyst Ratings Changes

CHMG has been the subject of several research analyst reports. Keefe, Bruyette & Woods reduced their price target on shares of Chemung Financial from $60.00 to $55.00 and set a "market perform" rating for the company in a report on Tuesday, April 22nd. Piper Sandler lowered their price objective on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd.

Chemung Financial Company Profile

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.