Chemung Financial Corp (NASDAQ:CHMG) Raises Dividend to $0.36 Per Share

Key Points

• Chemung Financial raised its quarterly dividend 5.9% to $0.36 per share, payable October 1 to shareholders of record September 17. The dividend carries an indicated yield of approximately 1.8%.
• The dividend appears well covered, with a current payout ratio of 21.8%; analysts expect a future payout ratio of about 18.4% based on projected earnings.
• Chemung Financial reported quarterly earnings of $1.82 per share, exceeding the $1.77 consensus estimate, while revenue of $31.17 million also surpassed expectations.

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) announced a quarterly dividend on Wednesday, August 19th. Investors of record on Thursday, September 17th will be paid a dividend of 0.36 per share by the bank on Thursday, October 1st. This represents a c) dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, September 17th. This is a 5.9% increase from Chemung Financial's previous quarterly dividend of $0.34.

Chemung Financial has increased its dividend payment by an average of 0.0%annually over the last three years and has increased its dividend annually for the last 1 consecutive years. Chemung Financial has a payout ratio of 21.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Chemung Financial to earn $7.40 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 18.4%.

Chemung Financial Stock Performance

NASDAQ:CHMG opened at $81.64 on Thursday. The stock has a market cap of $393.59 million, a P/E ratio of 11.73 and a beta of 0.58. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.51. The business's 50-day moving average price is $77.16 and its two-hundred day moving average price is $66.94. Chemung Financial has a twelve month low of $49.82 and a twelve month high of $85.00.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.05. The firm had revenue of $31.17 million for the quarter, compared to analysts' expectations of $30.52 million. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. As a group, equities analysts predict that Chemung Financial will post 7.39 EPS for the current fiscal year.

Chemung Financial Company Profile

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source