Zacks: Brokerages Expect Chemung Financial Corp. (NASDAQ:CHMG) to Post $1.00 Earnings Per Share

Wall Street brokerages expect Chemung Financial Corp. (NASDAQ:CHMG) to report earnings of $1.00 per share for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Chemung Financial’s earnings, with the lowest EPS estimate coming in at $0.98 and the highest estimate coming in at $1.02. Chemung Financial posted earnings of $1.09 per share in the same quarter last year, which would suggest a negative year-over-year growth rate of 8.3%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, January 22nd.

On average, analysts expect that Chemung Financial will report full-year earnings of $3.34 per share for the current financial year, with EPS estimates ranging from $3.32 to $3.35. For the next financial year, analysts forecast that the company will report earnings of $3.82 per share, with EPS estimates ranging from $3.70 to $3.94. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Chemung Financial.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Friday, October 18th. The bank reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.12). Chemung Financial had a net margin of 19.72% and a return on equity of 9.57%. The company had revenue of $20.10 million for the quarter, compared to the consensus estimate of $20.50 million.

Several equities analysts have recently weighed in on the company. DA Davidson restated a “neutral” rating on shares of Chemung Financial in a report on Wednesday, September 11th. Zacks Investment Research upgraded Chemung Financial from a “sell” rating to a “hold” rating in a report on Tuesday, November 19th. Finally, ValuEngine upgraded Chemung Financial from a “sell” rating to a “hold” rating in a report on Friday, October 25th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Chemung Financial currently has an average rating of “Hold” and an average price target of $44.50.

Shares of NASDAQ:CHMG traded up $1.02 on Friday, hitting $44.88. 12,700 shares of the company traded hands, compared to its average volume of 10,390. Chemung Financial has a 52 week low of $36.87 and a 52 week high of $51.00. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a 50 day simple moving average of $44.30 and a 200-day simple moving average of $44.28. The company has a market cap of $211.75 million, a PE ratio of 11.81 and a beta of 0.30.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Chemung Canal Trust Co. grew its position in Chemung Financial by 0.3% in the third quarter. Chemung Canal Trust Co. now owns 401,162 shares of the bank’s stock worth $16,849,000 after buying an additional 1,069 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Chemung Financial by 9.8% during the 2nd quarter. BlackRock Inc. now owns 182,408 shares of the bank’s stock valued at $8,818,000 after buying an additional 16,327 shares during the period. Vanguard Group Inc. boosted its stake in shares of Chemung Financial by 12.5% during the 2nd quarter. Vanguard Group Inc. now owns 168,967 shares of the bank’s stock valued at $8,168,000 after buying an additional 18,764 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Chemung Financial by 8.4% during the 2nd quarter. Renaissance Technologies LLC now owns 81,388 shares of the bank’s stock valued at $3,934,000 after buying an additional 6,288 shares during the period. Finally, State Street Corp boosted its stake in shares of Chemung Financial by 0.9% during the 3rd quarter. State Street Corp now owns 51,938 shares of the bank’s stock valued at $2,195,000 after buying an additional 485 shares during the period. Institutional investors own 36.23% of the company’s stock.

Chemung Financial Company Profile

Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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Earnings History and Estimates for Chemung Financial (NASDAQ:CHMG)

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