Chemung Financial Co. (CHMG) to Issue Quarterly Dividend of $0.32 on April 1st

Chemung Financial Co. (NASDAQ:CHMG) announced a quarterly dividend on Wednesday, February 19th, RTT News reports. Shareholders of record on Tuesday, March 18th will be paid a dividend of 0.32 per share by the bank on Tuesday, April 1st. This represents a $1.28 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date of this dividend is Tuesday, March 18th. This is a 3.2% increase from Chemung Financial’s previous quarterly dividend of $0.31.

Chemung Financial has increased its dividend payment by an average of 1.4% per year over the last three years. Chemung Financial has a payout ratio of 20.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Chemung Financial to earn $6.01 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 21.3%.

Chemung Financial Trading Up 1.7 %

Shares of NASDAQ CHMG opened at $48.81 on Friday. The firm’s 50 day moving average price is $49.27 and its 200-day moving average price is $49.24. The company has a market cap of $232.29 million, a PE ratio of 9.84 and a beta of 0.13. Chemung Financial has a 52-week low of $39.00 and a 52-week high of $55.73. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.05. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. On average, equities research analysts expect that Chemung Financial will post 5.38 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. StockNews.com downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Piper Sandler assumed coverage on shares of Chemung Financial in a research report on Friday, December 20th. They set a “neutral” rating and a $57.00 price objective on the stock. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th.

Insider Activity at Chemung Financial

In other Chemung Financial news, Director Joseph F. Iv Meade bought 592 shares of Chemung Financial stock in a transaction on Wednesday, January 15th. The stock was acquired at an average cost of $47.33 per share, with a total value of $28,019.36. Following the completion of the acquisition, the director now owns 3,710 shares in the company, valued at approximately $175,594.30. This represents a 18.99 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 12.04% of the stock is owned by insiders.

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.