Chemung Financial Co. (NASDAQ:CHMG) to Issue Dividend Increase – $0.32 Per Share

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 given a dividend of 0.32 per share by the bank on Tuesday, April 1st. This represents a $1.28 annualized dividend and a dividend yield of 2.47%. This is an increase from Chemung Financial’s previous quarterly dividend of $0.31.

Chemung Financial has increased its dividend payment by an average of 1.4% annually over the last three years. Chemung Financial has a dividend payout ratio of 19.9% meaning its dividend is sufficiently covered by earnings. Equities 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 %

Shares of CHMG opened at $51.73 on Thursday. Chemung Financial has a fifty-two week low of $39.00 and a fifty-two week high of $55.73. The company has a market capitalization of $246.18 million, a PE ratio of 10.43 and a beta of 0.19. The stock has a fifty day moving average of $49.39 and a two-hundred day moving average of $48.63. 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 quarterly earnings results on Tuesday, January 28th. The bank reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.05. Chemung Financial had a return on equity of 11.47% and a net margin of 15.70%. As a group, analysts forecast that Chemung Financial will post 5.38 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CHMG. Keefe, Bruyette & Woods lifted their price target on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. StockNews.com downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, Piper Sandler began coverage on shares of Chemung Financial in a research report on Friday, December 20th. They set a “neutral” rating and a $57.00 price target on the stock.

Insider Activity at Chemung Financial

In related news, Director Joseph F. Iv Meade purchased 592 shares of Chemung Financial stock in a transaction that occurred 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 transaction, the director now owns 3,710 shares of the company’s stock, valued at approximately $175,594.30. The trade was a 18.99 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 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.