Chemung Financial Corp (CHMG) To Go Ex-Dividend on June 17th

Chemung Financial Corp (NASDAQ:CHMG) declared a quarterly dividend on Thursday, May 21st. Stockholders of record on Wednesday, June 17th will be given a dividend of 0.34 per share by the bank on Wednesday, July 1st. This represents a c) annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Wednesday, June 17th.

Chemung Financial has raised its dividend by an average of 0.0%per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Chemung Financial has a payout ratio of 21.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Chemung Financial to earn $6.86 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 19.8%.

Chemung Financial Stock Performance

CHMG opened at $72.50 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 1.02. The company’s 50 day simple moving average is $65.80 and its two-hundred day simple moving average is $59.60. The firm has a market capitalization of $349.45 million, a price-to-earnings ratio of 19.13 and a beta of 0.60. Chemung Financial has a 1-year low of $43.20 and a 1-year high of $73.84.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Friday, April 17th. The bank reported $1.91 EPS for the quarter, beating the consensus estimate of $1.63 by $0.28. The firm had revenue of $29.90 million during the quarter, compared to analysts’ expectations of $29.21 million. Chemung Financial had a return on equity of 12.45% and a net margin of 12.77%. Analysts expect that Chemung Financial will post 6.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other Chemung Financial news, Director Thomas R. Tyrrell sold 788 shares of the firm’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $65.33, for a total transaction of $51,480.04. Following the completion of the sale, the director owned 8,050 shares of the company’s stock, valued at $525,906.50. This trade represents a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 12.69% of the company’s stock.

Hedge Funds Weigh In On Chemung Financial

A number of hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC raised its holdings in Chemung Financial by 90.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 895 shares of the bank’s stock valued at $43,000 after buying an additional 426 shares during the period. Russell Investments Group Ltd. raised its holdings in Chemung Financial by 81.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 920 shares of the bank’s stock valued at $48,000 after buying an additional 412 shares during the period. BNP Paribas Financial Markets raised its holdings in Chemung Financial by 108.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,084 shares of the bank’s stock valued at $57,000 after buying an additional 563 shares during the period. PNC Financial Services Group Inc. raised its holdings in Chemung Financial by 50.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,065 shares of the bank’s stock valued at $108,000 after buying an additional 688 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Chemung Financial by 16.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,278 shares of the bank’s stock valued at $110,000 after buying an additional 330 shares during the period. 47.50% of the stock is currently owned by hedge funds and other institutional investors.

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.