Chemung Financial Corp. (NASDAQ:CHMG) declared a quarterly dividend on Monday, February 25th, Wall Street Journal reports. Investors of record on Monday, March 18th will be paid a dividend of 0.26 per share by the bank on Monday, April 1st. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date is Friday, March 15th.
Chemung Financial has a dividend payout ratio of 31.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Chemung Financial to earn $4.19 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 24.8%.
Shares of CHMG opened at $47.00 on Thursday. The firm has a market cap of $226.07 million, a P/E ratio of 12.37 and a beta of 0.16. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.03. Chemung Financial has a 12 month low of $36.87 and a 12 month high of $53.99.
A number of research analysts recently commented on CHMG shares. Zacks Investment Research upgraded Chemung Financial from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research note on Friday, January 18th. ValuEngine raised Chemung Financial from a “sell” rating to a “hold” rating in a research note on Monday, February 4th.
In other Chemung Financial news, Director Jeffrey B. Streeter purchased 594 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was bought at an average price of $47.11 per share, with a total value of $27,983.34. Following the completion of the purchase, the director now owns 1,000 shares in the company, valued at approximately $47,110. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Denise V. Gonick purchased 1,000 shares of the firm’s stock in a transaction dated Monday, January 28th. The stock was acquired at an average cost of $41.76 per share, with a total value of $41,760.00. Following the purchase, the director now owns 1,276 shares of the company’s stock, valued at approximately $53,285.76. The disclosure for this purchase can be found here. Corporate insiders own 20.63% of the company’s stock.
A hedge fund recently raised its stake in Chemung Financial stock. Geode Capital Management LLC lifted its holdings in Chemung Financial Corp. (NASDAQ:CHMG) by 3.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 30,202 shares of the bank’s stock after purchasing an additional 1,021 shares during the quarter. Geode Capital Management LLC owned 0.63% of Chemung Financial worth $1,247,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 35.04% of the company’s stock.
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About Chemung Financial
Chemung Financial Corporation operates as the holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. It offers demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.
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