Chemung Financial Co. (NASDAQ:CHMG – Get Free Report) declared a quarterly dividend on Monday, May 20th, Zacks reports. Investors of record on Monday, June 17th will be paid a dividend of 0.31 per share by the bank on Monday, July 1st. This represents a $1.24 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend is Monday, June 17th.
Chemung Financial has increased its dividend by an average of 6.0% per year over the last three years. Chemung Financial has a payout ratio of 23.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Chemung Financial to earn $5.24 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 23.7%.
Chemung Financial Trading Down 0.9 %
NASDAQ:CHMG opened at $42.85 on Friday. The company has a market cap of $203.54 million, a PE ratio of 8.21 and a beta of 0.18. Chemung Financial has a 52 week low of $36.99 and a 52 week high of $51.36. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.27. The business’s 50 day moving average is $42.69 and its two-hundred day moving average is $44.61.
Analysts Set New Price Targets
Separately, Keefe, Bruyette & Woods decreased their target price on Chemung Financial from $51.00 to $49.00 and set a “market perform” rating for the company in a research report on Monday, April 22nd.
Read Our Latest Research Report on CHMG
Chemung Financial Company Profile
Chemung Financial Corporation operates as a bank 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.
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