Chemung Financial Corp (NASDAQ:CHMG) Plans Dividend Increase - $0.34 Per Share

Key Points

• Chemung Financial Corp declared a quarterly dividend of $0.34, which is a 6.3% increase from its previous dividend of $0.32, reflecting a dividend yield of 2.7%.
• The bank has a dividend payout ratio of 20.5%, indicating that its dividend payments are well-covered by earnings, with expected earnings of $6.01 per share next year.
• Recent insider purchases, including a notable transaction where an insider bought 475 shares at an average of $52.75 per share, indicate growing confidence in the company's stock among executives.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) declared a quarterly dividend on Tuesday, August 19th, RTT News reports. Investors of record on Wednesday, September 17th will be given a dividend of 0.34 per share by the bank on Wednesday, October 1st. This represents a c) dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Wednesday, September 17th. This is a 6.3% increase from Chemung Financial's previous quarterly dividend of $0.32.

Chemung Financial has a dividend payout ratio of 20.5% 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 $1.28 annual dividend with an expected future payout ratio of 21.3%.

Chemung Financial Price Performance

CHMG stock traded up $2.37 during midday trading on Friday, hitting $53.17. The company's stock had a trading volume of 13,898 shares, compared to its average volume of 14,541. Chemung Financial has a 12 month low of $40.71 and a 12 month high of $55.73. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $254.68 million, a price-to-earnings ratio of 22.72 and a beta of 0.39. The company has a 50 day moving average of $50.58 and a two-hundred day moving average of $48.39.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The bank reported $1.31 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.31. Chemung Financial had a net margin of 8.19% and a return on equity of 10.67%. The firm had revenue of $10.10 million for the quarter, compared to analysts' expectations of $26.26 million. On average, analysts expect that Chemung Financial will post 5.38 EPS for the current year.

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.