Chemung Financial (NASDAQ:CHMG) Issues Earnings Results, Beats Expectations By $0.28 EPS

Key Points

• Q1 earnings beat: Chemung Financial reported EPS of $1.91 vs. analysts' $1.63 estimate, beating by $0.28, and posted a net margin of 10.73% with a return on equity of 11.58%.
• Dividend returned to shareholders: The company paid a $0.34 quarterly dividend (annualized $1.36) for a 2.3% yield and a payout ratio of 43.31%.
• Recent insider selling totaled 3,823 shares (~$220,860) in the past 90 days while institutional investors hold 47.5%; analysts are mixed but the consensus is a "Moderate Buy" with a $57 price target.

Chemung Financial (NASDAQ:CHMG - Get Free Report) released its quarterly earnings results on Friday. The bank reported $1.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.63 by $0.28, FiscalAI reports. Chemung Financial had a net margin of 10.73% and a return on equity of 11.58%.

Chemung Financial Trading Up 0.2%

Shares of CHMG opened at $59.30 on Friday. Chemung Financial has a 52-week low of $41.52 and a 52-week high of $65.50. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. The firm's fifty day moving average is $56.46 and its two-hundred day moving average is $54.96. The stock has a market cap of $285.77 million, a PE ratio of 18.89 and a beta of 0.45.

Chemung Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Wednesday, March 18th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Wednesday, March 18th. Chemung Financial's payout ratio is 43.31%.

Insider Buying and Selling at Chemung Financial

In other Chemung Financial news, Director Robert H. Dalrymple sold 2,833 shares of Chemung Financial stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $56.56, for a total transaction of $160,234.48. Following the sale, the director owned 1,351 shares of the company's stock, valued at $76,412.56. The trade was a 67.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Daniel D. Fariello sold 748 shares of Chemung Financial stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $61.13, for a total transaction of $45,725.24. Following the sale, the insider directly owned 7,110 shares in the company, valued at approximately $434,634.30. This trade represents a 9.52% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 3,823 shares of company stock worth $220,860. 12.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in shares of Chemung Financial by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 179,669 shares of the bank's stock valued at $10,026,000 after acquiring an additional 1,331 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Chemung Financial by 16.1% during the 2nd quarter. Geode Capital Management LLC now owns 93,270 shares of the bank's stock valued at $4,521,000 after acquiring an additional 12,917 shares during the last quarter. Bridgeway Capital Management LLC boosted its position in shares of Chemung Financial by 2.3% during the 3rd quarter. Bridgeway Capital Management LLC now owns 77,763 shares of the bank's stock valued at $4,084,000 after acquiring an additional 1,771 shares during the last quarter. State Street Corp boosted its position in shares of Chemung Financial by 2.1% during the 4th quarter. State Street Corp now owns 58,671 shares of the bank's stock valued at $3,294,000 after acquiring an additional 1,210 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Chemung Financial by 44.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 39,056 shares of the bank's stock valued at $2,179,000 after acquiring an additional 11,981 shares during the last quarter. Institutional investors and hedge funds own 47.50% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Wall Street Zen cut shares of Chemung Financial from a "buy" rating to a "hold" rating in a research note on Saturday, April 11th. Weiss Ratings reissued a "hold (c)" rating on shares of Chemung Financial in a research note on Friday, March 27th. Zacks Research raised shares of Chemung Financial from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Chemung Financial from $60.00 to $64.00 and gave the company a "market perform" rating in a research note on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Chemung Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.00.

About Chemung Financial

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.

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