Chemung Financial (NASDAQ:CHMG) Releases Quarterly Earnings Results, Beats Estimates By $0.69 EPS

Key Points

• Chemung Financial reported quarterly EPS of $2.63, beating the consensus estimate of $1.94 by $0.69. The bank posted a 12.98% return on equity and a 20.68% net margin.
• Shares rose to $83.23, near the company’s 52-week high of $86.00. Chemung Financial also increased its quarterly dividend to $0.36, representing a 1.7% annualized yield.
• Analyst sentiment remains moderately positive, with an average rating of “Moderate Buy” and an average price target of $87.75, although an executive recently sold 5,160 shares.

Chemung Financial (NASDAQ:CHMG - Get Free Report) announced its quarterly earnings data on Thursday. The bank reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.69, FiscalAI reports. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.

Chemung Financial Stock Performance

Shares of CHMG stock traded up $1.58 on Thursday, hitting $83.23. The company had a trading volume of 53,122 shares, compared to its average volume of 38,911. Chemung Financial has a twelve month low of $50.05 and a twelve month high of $86.00. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.51. The firm has a market cap of $401.17 million, a P/E ratio of 11.96 and a beta of 0.58. The company has a 50-day moving average price of $82.24 and a 200-day moving average price of $74.97.

Chemung Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 17th were issued a $0.36 dividend. This is a boost from Chemung Financial's previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $1.44 annualized dividend and a dividend yield of 1.7%. Chemung Financial's payout ratio is presently 20.69%.

Insider Buying and Selling

In related news, EVP Loren Cole sold 5,160 shares of the firm's stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $83.50, for a total transaction of $430,860.00. Following the sale, the executive vice president directly owned 5,164 shares of the company's stock, valued at $431,194. This trade represents a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.69% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CHMG has been the topic of a number of recent research reports. Weiss Ratings upgraded Chemung Financial from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, October 8th. Zacks Research downgraded shares of Chemung Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. DA Davidson initiated coverage on shares of Chemung Financial in a research report on Monday, September 28th. They set a "buy" rating and a $95.00 price target for the company. Hovde Group began coverage on shares of Chemung Financial in a research note on Monday, October 12th. They set a "market perform" rating and a $88.00 price objective for the company. Finally, Raymond James Financial started coverage on shares of Chemung Financial in a report on Tuesday, September 1st. They issued an "outperform" rating and a $87.00 price objective on the stock. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $87.75.

Chemung Financial Company Profile

Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, businesses, municipalities and nonprofit organizations.

The company's banking activities include deposit accounts, residential and commercial real estate lending, consumer loans, business loans, mortgages, cash-management services, online and mobile banking, and other treasury-management solutions.

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