Chemung Financial (NASDAQ:CHMG - Get Free Report) posted its quarterly earnings results on Thursday. The bank reported $1.31 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.31, Zacks reports. The company had revenue of $10.10 million for the quarter, compared to analyst estimates of $26.26 million. Chemung Financial had a net margin of 8.19% and a return on equity of 10.83%.
Chemung Financial Trading Down 1.7%
NASDAQ:CHMG traded down $0.88 on Friday, hitting $52.38. 20,288 shares of the stock were exchanged, compared to its average volume of 13,911. The stock has a market capitalization of $250.90 million, a price-to-earnings ratio of 22.38 and a beta of 0.37. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.89 and a current ratio of 0.89. Chemung Financial has a 52 week low of $40.71 and a 52 week high of $55.73. The company's 50-day moving average price is $48.63 and its 200 day moving average price is $47.78.
Chemung Financial Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date was Tuesday, June 17th. Chemung Financial's dividend payout ratio is currently 54.70%.
Analyst Upgrades and Downgrades
A number of analysts have commented on CHMG shares. Keefe, Bruyette & Woods reduced their price objective on Chemung Financial from $60.00 to $55.00 and set a "market perform" rating for the company in a research report on Tuesday, April 22nd. Piper Sandler lowered their target price on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd.
Get Our Latest Stock Report on CHMG
Hedge Funds Weigh In On Chemung Financial
Several large investors have recently bought and sold shares of the business. AQR Capital Management LLC raised its holdings in Chemung Financial by 55.4% in the first quarter. AQR Capital Management LLC now owns 7,398 shares of the bank's stock worth $352,000 after purchasing an additional 2,638 shares during the period. Empowered Funds LLC increased its position in shares of Chemung Financial by 7.3% in the 1st quarter. Empowered Funds LLC now owns 23,894 shares of the bank's stock valued at $1,137,000 after buying an additional 1,616 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in Chemung Financial during the first quarter worth about $255,000. 47.50% of the stock is currently owned by institutional investors and hedge funds.
About Chemung Financial
(
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.
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