Chemung Financial - CHMG Stock Forecast, Price & News

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.

Analyst Ratings Changes

Separately, StockNews.com assumed coverage on Chemung Financial in a research note on Tuesday, August 9th. They set a "hold" rating on the stock.

Chemung Financial Price Performance

CHMG Stock opened at $46.52 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.73 and a current ratio of 0.73. The company's fifty day moving average price is $45.03 and its 200-day moving average price is $45.74. Chemung Financial has a one year low of $40.74 and a one year high of $49.50. The company has a market capitalization of $217.25 million, a PE ratio of 7.78 and a beta of -0.01.

Chemung Financial (NASDAQ:CHMG - Get Rating) last announced its quarterly earnings results on Thursday, July 21st. The bank reported $1.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.51. Chemung Financial had a net margin of 29.76% and a return on equity of 13.92%. The company had revenue of $22.96 million for the quarter, compared to the consensus estimate of $22.58 million. On average, equities analysts anticipate that Chemung Financial will post 5.91 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 1st. Investors of record on Friday, June 17th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend was Thursday, June 16th. Chemung Financial's payout ratio is presently 20.74%.

Insider Buying and Selling at Chemung Financial

In other news, Director Ronald M. Bentley sold 4,522 shares of the company's stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $45.09, for a total transaction of $203,896.98. Following the sale, the director now directly owns 44,753 shares of the company's stock, valued at approximately $2,017,912.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Chemung Financial news, Director Denise V. Gonick acquired 1,000 shares of the company's stock in a transaction on Friday, June 3rd. The stock was acquired at an average cost of $44.95 per share, with a total value of $44,950.00. Following the purchase, the director now directly owns 4,187 shares of the company's stock, valued at approximately $188,205.65. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Ronald M. Bentley sold 4,522 shares of the company's stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $45.09, for a total transaction of $203,896.98. Following the sale, the director now owns 44,753 shares in the company, valued at $2,017,912.77. The disclosure for this sale can be found here. Insiders sold 8,998 shares of company stock worth $402,205 in the last quarter. 12.25% of the stock is owned by corporate insiders.