Chemung Financial Corp (NASDAQ:CHMG) Announces Dividend Increase – $0.36 Per Share

Chemung Financial Corp (NASDAQ:CHMG) declared a quarterly dividend on Wednesday, August 19th. Stockholders of record on Thursday, September 17th will be paid a dividend of 0.36 per share by the bank on Thursday, October 1st. This represents a c) dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, September 17th. This is a 5.9% increase from Chemung Financial’s previous quarterly dividend of $0.34.

Chemung Financial has raised its dividend payment by an average of 0.0%annually over the last three years and has increased its dividend every year for the last 1 years. Chemung Financial has a payout ratio of 21.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Chemung Financial to earn $7.40 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 18.4%.

Chemung Financial Trading Down 2.4%

CHMG opened at $81.64 on Thursday. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm has a market cap of $393.59 million, a price-to-earnings ratio of 11.73 and a beta of 0.58. Chemung Financial has a 12 month low of $49.82 and a 12 month high of $85.00. The stock has a fifty day moving average price of $77.16 and a 200-day moving average price of $66.94.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.05. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.The company had revenue of $31.17 million for the quarter, compared to the consensus estimate of $30.52 million. As a group, equities research analysts anticipate that Chemung Financial will post 7.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Chemung Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Chemung Financial during the 2nd quarter valued at about $29,197,000. The Manufacturers Life Insurance Company acquired a new position in shares of Chemung Financial in the second quarter valued at about $12,098,000. PL Capital Advisors LLC raised its stake in shares of Chemung Financial by 84.9% in the fourth quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock worth $6,101,000 after purchasing an additional 50,209 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Chemung Financial in the second quarter worth about $2,347,000. Finally, Empowered Funds LLC acquired a new stake in shares of Chemung Financial during the second quarter worth about $2,010,000. Hedge funds and other institutional investors own 47.50% of the company’s stock.

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.