Chemung Financial (NASDAQ:CHMG) Posts Quarterly Earnings Results

Chemung Financial (NASDAQ:CHMG) posted its quarterly earnings results on Wednesday. The bank reported $1.82 earnings per share 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 Performance

CHMG traded down $1.79 during trading hours on Wednesday, reaching $74.95. The company’s stock had a trading volume of 95,919 shares, compared to its average volume of 25,615. The company’s 50-day moving average is $71.85 and its 200-day moving average is $63.18. Chemung Financial has a 52 week low of $48.61 and a 52 week high of $78.42. The firm has a market cap of $361.26 million, a PE ratio of 19.78 and a beta of 0.59. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.02 and a current ratio of 1.02.

Chemung Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Wednesday, June 17th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.8%. Chemung Financial’s payout ratio is presently 35.88%.

Insider Buying and Selling

In other Chemung Financial news, Director Thomas R. Tyrrell sold 788 shares of the company’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $65.33, for a total value of $51,480.04. Following the transaction, the director directly owned 8,050 shares in the company, valued at $525,906.50. The trade was a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 12.69% of the stock is currently owned by company insiders.

Institutional Trading of Chemung Financial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. acquired a new position in Chemung Financial in the 4th quarter valued at about $232,000. AQR Capital Management LLC raised its holdings in Chemung Financial by 8.7% in the 4th quarter. AQR Capital Management LLC now owns 18,521 shares of the bank’s stock valued at $1,033,000 after acquiring an additional 1,486 shares during the period. Trexquant Investment LP lifted its position in Chemung Financial by 17.2% during the fourth quarter. Trexquant Investment LP now owns 5,673 shares of the bank’s stock worth $317,000 after acquiring an additional 833 shares during the last quarter. Captrust Financial Advisors boosted its holdings in shares of Chemung Financial by 5.0% during the fourth quarter. Captrust Financial Advisors now owns 7,880 shares of the bank’s stock worth $440,000 after acquiring an additional 372 shares during the period. Finally, Panagora Asset Management Inc. grew its position in shares of Chemung Financial by 18.0% in the fourth quarter. Panagora Asset Management Inc. now owns 15,609 shares of the bank’s stock valued at $871,000 after purchasing an additional 2,384 shares during the last quarter. Institutional investors own 47.50% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Zacks Research cut shares of Chemung Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a research note on Sunday, April 19th. Finally, Weiss Ratings upgraded shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $64.00.

About Chemung Financial

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.