Chemung Financial Corporation operates as the 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. It also offers commercial and agricultural loans comprising loans to small to mid-sized businesses; commercial mortgage loans; residential mortgage loans; consumer loans, including home equity lines of credit and home equity term loans; and interest rate swaps, letters of credit, wealth management, employee benefit plans, mutual fund, insurance products, and brokerage services. Further, it provides securities, insurance, and tax preparation services. Additionally, it offers guardian, custodian, and trustee services, as well as acts as an agent for pension, profit-sharing, and other employee benefit trusts; and various investment, pension, estate planning, and employee benefit administrative services. The company operates 31 branch offices located in 13 counties in New York and Bradford County in Pennsylvania. Chemung Financial Corporation was founded in 1833 and is headquartered in Elmira, New York.
Chemung Financial Stock Performance
CHMG Stock traded down $0.74 during midday trading on Thursday, hitting $46.56. 4,310 shares of the company traded hands, compared to its average volume of 5,616. Chemung Financial has a twelve month low of $40.74 and a twelve month high of $49.50. The stock has a market capitalization of $217.90 million, a price-to-earnings ratio of 7.79 and a beta of -0.01. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.28. The business has a 50 day simple moving average of $45.19 and a 200-day simple moving average of $45.75.
Chemung Financial (NASDAQ:CHMG - Get Rating) last announced its earnings results on Thursday, July 21st. The bank reported $1.71 EPS for the quarter, topping the consensus estimate of $1.20 by $0.51. Chemung Financial had a net margin of 29.76% and a return on equity of 14.40%. The firm had revenue of $22.96 million for the quarter, compared to the consensus estimate of $22.58 million. As a group, equities research analysts predict that Chemung Financial will post 5.91 earnings per share for the current year.
Wall Street Analyst Weigh In
Separately, StockNews.com initiated coverage on Chemung Financial in a report on Wednesday. They set a "hold" rating on the stock.
Insider Buying and Selling
In other Chemung Financial news, EVP Loren D. Cole sold 1,150 shares of the firm's stock in a transaction that occurred on Friday, May 20th. The stock was sold at an average price of $45.12, for a total value of $51,888.00. Following the sale, the executive vice president now owns 3,520 shares of the company's stock, valued at approximately $158,822.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Denise V. Gonick acquired 1,000 shares of the stock in a transaction dated Friday, June 3rd. The shares were acquired at an average cost of $44.95 per share, for a total transaction of $44,950.00. Following the completion of the transaction, the director now owns 4,187 shares in the company, valued at approximately $188,205.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Loren D. Cole sold 1,150 shares of the company's stock in a transaction dated Friday, May 20th. The shares were sold at an average price of $45.12, for a total transaction of $51,888.00. Following the completion of the sale, the executive vice president now directly owns 3,520 shares in the company, valued at approximately $158,822.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,998 shares of company stock valued at $402,205. Insiders own 12.25% of the company's stock.