Chemung Financial (NASDAQ:CHMG - Get Free Report) announced its quarterly earnings data on Thursday. The bank reported $1.31 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.31, Zacks reports. The business had revenue of $10.10 million during the quarter, compared to analyst estimates of $26.26 million. Chemung Financial had a return on equity of 10.83% and a net margin of 8.19%.
Chemung Financial Stock Performance
Shares of NASDAQ:CHMG traded up $0.33 during trading on Monday, hitting $52.71. 20,095 shares of the company traded hands, compared to its average volume of 13,942. The stock has a market capitalization of $252.48 million, a price-to-earnings ratio of 22.69 and a beta of 0.37. The business's fifty day moving average is $48.63 and its 200-day moving average is $47.78. Chemung Financial has a one year low of $40.71 and a one year high of $55.73. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.39.
Chemung Financial Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th were paid a dividend of $0.32 per share. The ex-dividend date was Tuesday, June 17th. This represents a $1.28 dividend on an annualized basis and a yield of 2.43%. Chemung Financial's dividend payout ratio (DPR) is presently 54.70%.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on CHMG shares. Keefe, Bruyette & Woods boosted their target price on Chemung Financial from $55.00 to $59.00 and gave the company a "market perform" rating in a research note on Monday. Piper Sandler dropped their price objective on Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd.
View Our Latest Analysis on Chemung Financial
Institutional Trading of Chemung Financial
Several hedge funds and other institutional investors have recently modified their holdings of CHMG. Jane Street Group LLC acquired a new position in Chemung Financial in the 1st quarter valued at about $255,000. AQR Capital Management LLC increased its stake in 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 in the last quarter. Finally, Empowered Funds LLC lifted its holdings in shares of Chemung Financial by 7.3% in the first quarter. Empowered Funds LLC now owns 23,894 shares of the bank's stock worth $1,137,000 after buying an additional 1,616 shares in the last quarter. 47.50% of the stock is currently owned by hedge funds and other institutional investors.
Chemung Financial Company Profile
(
Get Free Report)
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.
Further Reading
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