Chemung Financial (NASDAQ:CHMG) Announces Earnings Results

Chemung Financial (NASDAQ:CHMG) posted its quarterly earnings results on Friday. The bank reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.28, FiscalAI reports. Chemung Financial had a net margin of 10.73% and a return on equity of 11.58%. The company had revenue of $29.90 million during the quarter, compared to analyst estimates of $29.21 million.

Chemung Financial Price Performance

Shares of NASDAQ CHMG opened at $62.82 on Friday. The stock has a market capitalization of $302.79 million, a price-to-earnings ratio of 16.58 and a beta of 0.45. Chemung Financial has a 12 month low of $41.52 and a 12 month high of $65.50. The firm’s 50 day simple moving average is $56.43 and its 200-day simple moving average is $55.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 1.02.

Chemung Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Wednesday, March 18th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, March 18th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.2%. Chemung Financial’s dividend payout ratio (DPR) is presently 43.31%.

Analyst Ratings Changes

CHMG has been the subject of a number of recent research reports. Zacks Research raised shares of Chemung Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 14th. Wall Street Zen raised shares of Chemung Financial from a “hold” rating to a “buy” rating in a research report on Sunday. Weiss Ratings reissued a “hold (c)” rating on shares of Chemung Financial in a research report on Friday, March 27th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Chemung Financial from $60.00 to $64.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Chemung Financial has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

Insider Buying and Selling

In other news, insider Daniel D. Fariello sold 748 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $61.13, for a total transaction of $45,725.24. Following the sale, the insider owned 7,110 shares of the company’s stock, valued at $434,634.30. This trade represents a 9.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert H. Dalrymple sold 2,833 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $56.56, for a total transaction of $160,234.48. Following the sale, the director directly owned 1,351 shares in the company, valued at $76,412.56. The trade was a 67.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 3,823 shares of company stock worth $220,860 in the last ninety days. Corporate insiders own 12.41% of the company’s stock.

Institutional Investors Weigh In On Chemung Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Invesco Ltd. acquired a new stake in shares of Chemung Financial during the 4th quarter worth approximately $232,000. AQR Capital Management LLC grew its stake 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 grew its stake in Chemung Financial by 17.2% in the 4th quarter. Trexquant Investment LP now owns 5,673 shares of the bank’s stock valued at $317,000 after acquiring an additional 833 shares during the period. Captrust Financial Advisors grew its stake in Chemung Financial by 5.0% in the 4th quarter. Captrust Financial Advisors now owns 7,880 shares of the bank’s stock valued at $440,000 after acquiring an additional 372 shares during the period. Finally, Panagora Asset Management Inc. grew its stake in Chemung Financial by 18.0% in the 4th quarter. Panagora Asset Management Inc. now owns 15,609 shares of the bank’s stock valued at $871,000 after acquiring an additional 2,384 shares during the period. Institutional investors and hedge funds 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.