Chemung Financial Corp (NASDAQ:CHMG) Declares Quarterly Dividend of $0.34

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) announced a quarterly dividend on Tuesday, August 19th, RTT News reports. Stockholders of record on Wednesday, September 17th will be paid a dividend of 0.34 per share by the bank on Wednesday, October 1st. This represents a c) annualized dividend and a dividend yield of 2.7%. 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. Equities 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 CHMG traded up $0.44 during midday trading on Tuesday, hitting $50.71. 5,968 shares of the company traded hands, compared to its average volume of 16,428. The stock has a 50-day moving average of $50.34 and a 200-day moving average of $48.37. Chemung Financial has a one year low of $40.71 and a one year high of $55.73. The firm has a market cap of $242.90 million, a P/E ratio of 21.67 and a beta of 0.39. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00.

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

Insider Buying and Selling

In other Chemung Financial news, insider Jeffrey P. Kenefick bought 475 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were bought at an average price of $52.75 per share, for a total transaction of $25,056.25. Following the transaction, the insider directly owned 10,535 shares in the company, valued at $555,721.25. This trade represents a 4.72% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffrey B. Streeter bought 5,000 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The stock was acquired at an average price of $52.94 per share, for a total transaction of $264,700.00. Following the transaction, the director owned 26,590 shares in the company, valued at $1,407,674.60. This trade represents a 23.16% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 18,458 shares of company stock worth $968,415 in the last 90 days. 12.04% of the stock is owned by company insiders.

Institutional Trading of Chemung Financial

A number of institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its stake in shares of Chemung Financial by 7.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 156,389 shares of the bank's stock valued at $7,633,000 after purchasing an additional 11,410 shares during the period. Geode Capital Management LLC lifted its stake in Chemung Financial by 16.1% in the second quarter. Geode Capital Management LLC now owns 93,270 shares of the bank's stock worth $4,521,000 after acquiring an additional 12,917 shares during the period. Bridgeway Capital Management LLC lifted its stake in Chemung Financial by 3.5% in the fourth quarter. Bridgeway Capital Management LLC now owns 78,026 shares of the bank's stock worth $3,808,000 after acquiring an additional 2,633 shares during the period. Acadian Asset Management LLC lifted its stake in Chemung Financial by 1.7% in the second quarter. Acadian Asset Management LLC now owns 73,848 shares of the bank's stock worth $3,575,000 after acquiring an additional 1,251 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in Chemung Financial by 9.2% in the fourth quarter. Renaissance Technologies LLC now owns 42,322 shares of the bank's stock worth $2,066,000 after acquiring an additional 3,581 shares during the period. Hedge funds and other institutional investors own 47.50% of the company's stock.

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.

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