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

Chemung Financial Co. (NASDAQ:CHMG) declared a quarterly dividend on Wednesday, November 20th,Wall Street Journal reports. Investors of record on Thursday, December 19th will be given 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 2.48%. The ex-dividend date of this dividend is Thursday, December 19th.

Chemung Financial has increased its dividend by an average of 6.0% annually over the last three years. Chemung Financial has a dividend payout ratio of 23.4% indicating that 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 Price Performance

CHMG stock opened at $50.10 on Thursday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $238.48 million, a P/E ratio of 11.08 and a beta of 0.15. The business has a 50 day simple moving average of $48.26 and a 200-day simple moving average of $46.23. Chemung Financial has a twelve month low of $39.00 and a twelve month high of $52.59.

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

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday.

Insider Transactions at Chemung Financial

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $51.21, for a total value of $51,210.00. Following the completion of the sale, the executive vice president now 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 can be accessed through the SEC website. Company insiders own 12.04% of the company’s stock.

About Chemung Financial

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.