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

Chemung Financial Co. (NASDAQ:CHMG - Get Free Report) declared a quarterly dividend on Thursday, May 22nd, RTT News reports. Investors of record on Tuesday, June 17th will be given a dividend of 0.32 per share by the bank on Tuesday, July 1st. This represents a $1.28 annualized dividend and a dividend yield of 2.72%.

Chemung Financial has raised its dividend payment by an average of 1.4% per year over the last three years and has raised its dividend every year for the last 1 years. Chemung Financial has a payout ratio of 20.5% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

Shares of Chemung Financial stock opened at $47.03 on Friday. 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 stock has a market capitalization of $225.27 million, a price-to-earnings ratio of 9.48 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 50-day simple moving average of $45.45 and a two-hundred day simple moving average of $48.59.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its earnings results on Friday, April 18th. The bank reported $1.26 EPS for the quarter, topping the consensus estimate of $1.22 by $0.04. The company had revenue of $25.71 million for the quarter, compared to analysts' expectations of $25.90 million. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. Analysts forecast that Chemung Financial will post 5.38 EPS for the current year.

Hedge Funds Weigh In On Chemung Financial

A number of institutional investors have recently modified their holdings of CHMG. Jane Street Group LLC acquired a new stake in Chemung Financial in the first quarter valued at about $255,000. AQR Capital Management LLC grew its holdings in shares of Chemung Financial by 55.4% during the 1st 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 during the last quarter. Finally, Empowered Funds LLC grew its holdings in shares of Chemung Financial by 7.3% during the 1st quarter. Empowered Funds LLC now owns 23,894 shares of the bank's stock valued at $1,137,000 after purchasing an additional 1,616 shares during the last quarter. Institutional investors and hedge funds own 47.50% of the company's stock.

Analysts Set New Price Targets

CHMG has been the subject of several analyst reports. Keefe, Bruyette & Woods dropped their price objective on 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 reduced their price target on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a research 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.