Chemung Financial Co. (NASDAQ:CHMG) Declares $0.31 Quarterly Dividend

Chemung Financial Co. (NASDAQ:CHMG) announced a quarterly dividend on Friday, August 20th, Zacks reports. Stockholders of record on Friday, September 17th will be given a dividend of 0.31 per share by the bank on Friday, October 1st. This represents a $1.24 annualized dividend and a dividend yield of 2.72%. The ex-dividend date is Thursday, September 16th.

Chemung Financial has a dividend payout ratio of 24.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Chemung Financial to earn $4.41 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 28.1%.

CHMG opened at $45.60 on Wednesday. The firm’s 50-day simple moving average is $45.62 and its 200-day simple moving average is $44.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.75 and a current ratio of 0.75. Chemung Financial has a twelve month low of $27.38 and a twelve month high of $48.88. The firm has a market cap of $212.59 million, a price-to-earnings ratio of 8.87 and a beta of 0.08.

Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Thursday, July 22nd. The bank reported $1.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.30. Chemung Financial had a net margin of 26.62% and a return on equity of 12.20%. As a group, sell-side analysts anticipate that Chemung Financial will post 5.15 EPS for the current fiscal year.

Separately, Zacks Investment Research raised shares of Chemung Financial from a “hold” rating to a “strong-buy” rating and set a $54.00 target price on the stock in a report on Tuesday, July 27th.

In related news, Director Jeffrey B. Streeter acquired 883 shares of the firm’s stock in a transaction on Thursday, August 19th. The shares were purchased at an average price of $46.22 per share, with a total value of $40,812.26. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders have acquired 3,895 shares of company stock worth $180,474. Insiders own 13.32% of the company’s stock.

About Chemung Financial

Chemung Financial Corp. operates as a holding company. It operates through following segments: Core Banking and Wealth Management Services (WMG). The Core Banking segment attracts deposits from the general public and using such funds to originate consumer, commercial, commercial real estate, and residential mortgage loans, primarily in the local markets of the firm and to invest in securities.

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Dividend History for Chemung Financial (NASDAQ:CHMG)

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