Chemung Financial (NASDAQ:CHMG) Posts Quarterly Earnings Results, Misses Expectations By $0.06 EPS

Key Points

• Chemung Financial reported quarterly earnings of $1.62 per share, which missed analyst expectations by $0.06 EPS, as the consensus estimate was $1.68.
• The company has recently increased its quarterly dividend to $0.34 per share, up from $0.32, representing an annualized yield of 2.7%.
• Insider transactions revealed significant purchases, including a director acquiring 2,612 shares, indicating a 9.82% increase in their ownership position.

Chemung Financial (NASDAQ:CHMG - Get Free Report) released its earnings results on Tuesday. The bank reported $1.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.68 by ($0.06), Zacks reports. Chemung Financial had a return on equity of 10.67% and a net margin of 8.19%.

Chemung Financial Trading Down 1.1%

CHMG traded down $0.58 on Tuesday, reaching $50.53. 2,598 shares of the company traded hands, compared to its average volume of 12,970. Chemung Financial has a one year low of $40.71 and a one year high of $55.73. The firm has a fifty day simple moving average of $52.41 and a two-hundred day simple moving average of $49.30. The company has a market cap of $242.04 million, a P/E ratio of 21.59 and a beta of 0.38. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44.

Chemung Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Wednesday, September 17th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Wednesday, September 17th. This is a positive change from Chemung Financial's previous quarterly dividend of $0.32. Chemung Financial's dividend payout ratio (DPR) is 58.12%.

Insider Transactions at Chemung Financial

In related news, Director Jeffrey B. Streeter acquired 2,612 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was bought at an average price of $52.60 per share, for a total transaction of $137,391.20. Following the acquisition, the director directly owned 29,202 shares of the company's stock, valued at $1,536,025.20. This represents a 9.82% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Loren D. Cole bought 2,983 shares of the business's stock in a transaction on Tuesday, August 5th. The shares were acquired at an average cost of $50.10 per share, for a total transaction of $149,448.30. Following the transaction, the executive vice president directly owned 9,331 shares in the company, valued at approximately $467,483.10. This trade represents a 46.99% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 17,983 shares of company stock valued at $943,358 in the last quarter. 12.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Chemung Financial by 16.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank's stock valued at $110,000 after purchasing an additional 330 shares during the period. Bridgeway Capital Management LLC increased its position in Chemung Financial by 0.5% during the 2nd quarter. Bridgeway Capital Management LLC now owns 75,992 shares of the bank's stock valued at $3,683,000 after purchasing an additional 350 shares during the period. Tower Research Capital LLC TRC increased its position in Chemung Financial by 90.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank's stock valued at $43,000 after purchasing an additional 426 shares during the period. Raymond James Financial Inc. increased its position in Chemung Financial by 10.2% during the 2nd quarter. Raymond James Financial Inc. now owns 9,297 shares of the bank's stock valued at $451,000 after purchasing an additional 864 shares during the period. Finally, Rhumbline Advisers increased its position in Chemung Financial by 27.7% during the 2nd quarter. Rhumbline Advisers now owns 4,074 shares of the bank's stock valued at $197,000 after purchasing an additional 883 shares during the period. Hedge funds and other institutional investors own 47.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Chemung Financial in a report on Wednesday, October 8th. Zacks Research lowered shares of Chemung Financial from a "strong-buy" rating to a "hold" rating in a report on Friday, August 29th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Chemung Financial from $55.00 to $59.00 and gave the stock a "market perform" rating in a report on Monday, July 21st. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $54.50.

Chemung Financial Company Profile

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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