Chemung Financial Co. (CHMG) to Issue Quarterly Dividend of $0.31 on January 2nd

Chemung Financial Co. (NASDAQ:CHMG) declared a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Investors of record on Thursday, December 19th will be paid a dividend of 0.31 per share by the bank on Thursday, January 2nd. This represents a $1.24 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date is Thursday, December 19th.

Chemung Financial has raised its dividend payment by an average of 6.0% annually over the last three years. Chemung Financial has a payout ratio of 23.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Chemung Financial to earn $5.30 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 23.4%.

Chemung Financial Trading Down 0.1 %

NASDAQ:CHMG opened at $54.09 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a 50-day simple moving average of $50.30 and a 200-day simple moving average of $47.48. The stock has a market cap of $257.41 million, a P/E ratio of 11.97 and a beta of 0.17. Chemung Financial has a 1 year low of $39.00 and a 1 year high of $55.73.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.06. The company had revenue of $38.28 million for the quarter, compared to the consensus estimate of $24.00 million. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. As a group, analysts anticipate that Chemung Financial will post 4.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. StockNews.com cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Keefe, Bruyette & Woods boosted their price target on shares of Chemung Financial from $54.00 to $60.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

Insider Activity at Chemung Financial

In related news, EVP Loren D. Cole sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the sale, the executive vice president now directly owns 4,771 shares of the company’s stock, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 12.04% of the company’s stock.

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.