Chemung Financial Co. (NASDAQ:CHMG) Increases Dividend to $0.32 Per Share

Chemung Financial Co. (NASDAQ:CHMG) announced a quarterly dividend on Wednesday, February 19th,RTT News reports. Investors 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 dividend yield of 2.47%. This is a positive change 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 dividend payout ratio of 19.9% meaning 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 $1.24 annual dividend with an expected future payout ratio of 20.6%.

Chemung Financial Trading Up 0.2 %

NASDAQ CHMG opened at $51.73 on Thursday. The company has a market capitalization of $246.18 million, a price-to-earnings ratio of 10.43 and a beta of 0.19. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. Chemung Financial has a 12 month low of $39.00 and a 12 month high of $55.73. The company’s fifty day moving average price is $49.39 and its two-hundred day moving average price is $48.63.

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, beating analysts’ consensus estimates of $1.19 by $0.05. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. As a group, research analysts predict that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Chemung Financial

In related news, Director Joseph F. Iv Meade bought 592 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were purchased at an average cost of $47.33 per share, with a total value of $28,019.36. Following the completion of the transaction, the director now directly owns 3,710 shares of the company’s stock, valued at approximately $175,594.30. This represents a 18.99 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 12.04% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

About Chemung Financial

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.