Chemung Financial Corp (CHMG) to Distribute Quarterly Dividend of $0.36 on October 1st

Chemung Financial Corp (NASDAQ:CHMG) declared a quarterly dividend on Wednesday, August 19th. Investors of record on Thursday, September 17th will be paid a dividend of 0.36 per share by the bank on Thursday, October 1st. This represents a c) annualized dividend and a yield of 1.7%. The ex-dividend date is Thursday, September 17th. This is a 5.9% increase from Chemung Financial’s previous quarterly dividend of $0.34.

Chemung Financial has raised its dividend by an average of 0.0%annually over the last three years and has raised its dividend every year for the last 1 years. Chemung Financial has a dividend payout ratio of 21.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Chemung Financial to earn $7.40 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 18.4%.

Chemung Financial Stock Up 1.3%

CHMG stock opened at $82.70 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.51. The business has a 50 day moving average price of $77.37 and a two-hundred day moving average price of $67.10. The company has a market cap of $398.61 million, a price-to-earnings ratio of 11.88 and a beta of 0.58. Chemung Financial has a twelve month low of $49.82 and a twelve month high of $85.00.

Chemung Financial (NASDAQ:CHMG) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.05. Chemung Financial had a return on equity of 12.98% and a net margin of 20.68%.The firm had revenue of $31.17 million for the quarter, compared to analyst estimates of $30.52 million. Analysts anticipate that Chemung Financial will post 7.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Chemung Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in CHMG. BlackRock Inc. bought a new stake in Chemung Financial during the second quarter worth about $29,197,000. Dimensional Fund Advisors LP lifted its stake in shares of Chemung Financial by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 181,841 shares of the bank’s stock valued at $9,787,000 after acquiring an additional 2,172 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Chemung Financial during the 2nd quarter valued at $12,098,000. The Manufacturers Life Insurance Company grew its position in Chemung Financial by 13.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 157,633 shares of the bank’s stock worth $8,484,000 after acquiring an additional 18,171 shares during the last quarter. Finally, PL Capital Advisors LLC increased its holdings in Chemung Financial by 84.9% in the 4th quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock worth $6,101,000 after purchasing an additional 50,209 shares in the last quarter. 47.50% of the stock is currently owned by institutional investors and hedge funds.

Chemung Financial Company Profile

Chemung Financial Corporation serves as the bank holding company for Chemung Canal Trust Company, a community bank founded in 1833 and headquartered in Elmira, New York. With deep historical roots in the Southern Tier of New York, the company has expanded its footprint to serve customers throughout the region, including northern Pennsylvania. Chemung Financial emphasizes relationship-driven banking by combining personalized service with modern delivery channels.

Through its subsidiary, Chemung Canal Trust Company, Chemung Financial offers a comprehensive suite of financial products and services.