Chemung Financial (NASDAQ:CHMG) Posts Earnings Results, Beats Expectations By $0.05 EPS

Key Points

• Chemung Financial reported quarterly earnings of $1.82 per share, beating analyst estimates by $0.05. The bank also posted a 12.45% return on equity and a 12.77% net margin.
• Despite the earnings beat, CHMG shares fell 2.3% to $74.95 on heavier-than-normal trading volume. The stock remains near its 52-week high, with a recent range of $48.61 to $78.42.
• The company recently paid a quarterly dividend of $0.34, equal to $1.36 annually and a 1.8% yield. Analysts currently rate the stock a Hold on average, with a consensus price target of $64.00.

Chemung Financial (NASDAQ:CHMG - Get Free Report) issued its quarterly earnings data on Wednesday. The bank reported $1.82 EPS for the quarter, topping the consensus estimate of $1.77 by $0.05, Zacks reports. Chemung Financial had a return on equity of 12.45% and a net margin of 12.77%.

Chemung Financial Stock Down 2.3%

Shares of CHMG stock traded down $1.79 on Wednesday, hitting $74.95. 95,919 shares of the stock were exchanged, compared to its average volume of 25,615. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $361.26 million, a P/E ratio of 19.78 and a beta of 0.59. The business has a 50-day moving average of $71.85 and a 200 day moving average of $63.18. Chemung Financial has a fifty-two week low of $48.61 and a fifty-two week high of $78.42.

Chemung Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Wednesday, June 17th. Chemung Financial's payout ratio is 35.88%.

Analyst Ratings Changes

Several brokerages have issued reports on CHMG. Wall Street Zen upgraded Chemung Financial from a "hold" rating to a "buy" rating in a report on Sunday, April 19th. Zacks Research lowered Chemung Financial from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 5th. Finally, Weiss Ratings raised Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 22nd. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Chemung Financial currently has an average rating of "Hold" and a consensus price target of $64.00.

Insider Buying and Selling

In other Chemung Financial news, Director Thomas R. Tyrrell sold 788 shares of the company's stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $65.33, for a total transaction of $51,480.04. Following the completion of the transaction, the director owned 8,050 shares of the company's stock, valued at $525,906.50. This represents a 8.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 12.69% of the company's stock.

Institutional Trading of Chemung Financial

Institutional investors have recently made changes to their positions in the business. Trexquant Investment LP grew its position in Chemung Financial by 17.2% in the fourth quarter. Trexquant Investment LP now owns 5,673 shares of the bank's stock valued at $317,000 after purchasing an additional 833 shares in the last quarter. Cerity Partners LLC acquired a new position in shares of Chemung Financial during the 4th quarter worth about $277,000. Jane Street Group LLC acquired a new position in shares of Chemung Financial during the 1st quarter worth about $255,000. Invesco Ltd. bought a new position in shares of Chemung Financial in the 4th quarter valued at about $232,000. Finally, Sei Investments Co. bought a new position in shares of Chemung Financial in the 2nd quarter valued at about $207,000. Institutional investors own 47.50% of the company's stock.

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.

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