Chemung Financial (NASDAQ:CHMG) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Chemung Financial (NASDAQ:CHMG) released its quarterly earnings results on Wednesday. The bank reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.05, Zacks reports. The business had revenue of $31.17 million for the quarter, compared to analysts’ expectations of $30.52 million. Chemung Financial had a return on equity of 13.19% and a net margin of 20.68%.

Chemung Financial Trading Down 0.5%

Shares of Chemung Financial stock opened at $74.57 on Friday. Chemung Financial has a fifty-two week low of $48.61 and a fifty-two week high of $78.42. The business’s fifty day moving average is $72.17 and its two-hundred day moving average is $63.45. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.47. The firm has a market cap of $359.43 million, a PE ratio of 10.71 and a beta of 0.59.

Chemung Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 17th were issued a $0.34 dividend. The ex-dividend date was Wednesday, June 17th. This represents a $1.36 annualized dividend and a yield of 1.8%. Chemung Financial’s payout ratio is 19.54%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CHMG. Zacks Research cut Chemung Financial from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 5th. Weiss Ratings upgraded shares of Chemung Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 22nd. Finally, Wall Street Zen upgraded shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday, April 19th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $64.00.

Insider Activity at Chemung Financial

In related news, Director Thomas R. Tyrrell sold 788 shares of the company’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $65.33, for a total value of $51,480.04. Following the completion of the transaction, the director directly owned 8,050 shares in the company, valued at approximately $525,906.50. This represents a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 12.69% of the stock is currently owned by corporate insiders.

Institutional Trading of Chemung Financial

Hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in shares of Chemung Financial by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 179,669 shares of the bank’s stock valued at $10,026,000 after acquiring an additional 1,331 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Chemung Financial by 16.1% during the 2nd quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock worth $4,521,000 after acquiring an additional 12,917 shares during the period. Bridgeway Capital Management LLC boosted its position in shares of Chemung Financial by 2.3% in the third quarter. Bridgeway Capital Management LLC now owns 77,763 shares of the bank’s stock worth $4,084,000 after acquiring an additional 1,771 shares during the last quarter. State Street Corp boosted its position in shares of Chemung Financial by 2.1% in the fourth quarter. State Street Corp now owns 58,671 shares of the bank’s stock worth $3,294,000 after acquiring an additional 1,210 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Chemung Financial by 44.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 39,056 shares of the bank’s stock valued at $2,179,000 after purchasing an additional 11,981 shares during the period. 47.50% of the stock is owned by institutional investors and hedge funds.

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.