Chemung Financial Corp (CHMG) to Issue Quarterly Dividend of $0.34 on April 1st

Chemung Financial Corp (NASDAQ:CHMG) declared a quarterly dividend on Tuesday, February 17th. Investors of record on Wednesday, March 18th will be paid a dividend of 0.34 per share by the bank on Wednesday, April 1st. This represents a c) dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Wednesday, March 18th.

Chemung Financial has raised its dividend payment 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 payout ratio of 21.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Chemung Financial to earn $6.01 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 22.6%.

Chemung Financial Trading Down 0.7%

Shares of NASDAQ:CHMG opened at $53.60 on Monday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.19. Chemung Financial has a 52-week low of $40.71 and a 52-week high of $65.50. The stock has a market cap of $256.74 million, a price-to-earnings ratio of 17.07 and a beta of 0.50. The business has a 50-day moving average price of $57.50 and a 200-day moving average price of $54.65.

Chemung Financial (NASDAQ:CHMG) last issued its earnings results on Monday, January 26th. The bank reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.01. Chemung Financial had a return on equity of 11.80% and a net margin of 10.73%.The firm had revenue of $30.52 million for the quarter, compared to analyst estimates of $29.48 million. Equities analysts predict that Chemung Financial will post 5.38 EPS for the current year.

Insider Buying and Selling

In related news, insider Daniel D. Fariello sold 748 shares of the business’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $61.13, for a total value of $45,725.24. Following the completion of the transaction, the insider directly owned 7,110 shares in the company, valued at $434,634.30. The trade was a 9.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert H. Dalrymple sold 2,833 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $56.56, for a total transaction of $160,234.48. Following the sale, the director directly owned 1,351 shares in the company, valued at $76,412.56. This trade represents a 67.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 3,823 shares of company stock worth $220,860 in the last ninety days. Corporate insiders own 12.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in shares of Chemung Financial by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 179,669 shares of the bank’s stock worth $10,026,000 after acquiring an additional 1,331 shares in the last quarter. PL Capital Advisors LLC increased its stake in shares of Chemung Financial by 84.9% in the 4th quarter. PL Capital Advisors LLC now owns 109,336 shares of the bank’s stock valued at $6,101,000 after purchasing an additional 50,209 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Chemung Financial by 16.1% in the 2nd quarter. Geode Capital Management LLC now owns 93,270 shares of the bank’s stock valued at $4,521,000 after purchasing an additional 12,917 shares in the last quarter. Bridgeway Capital Management LLC raised its holdings in Chemung Financial by 2.3% in the 3rd quarter. Bridgeway Capital Management LLC now owns 77,763 shares of the bank’s stock worth $4,084,000 after purchasing an additional 1,771 shares during the period. Finally, State Street Corp raised its holdings in Chemung Financial by 2.1% in the 4th quarter. State Street Corp now owns 58,671 shares of the bank’s stock worth $3,294,000 after purchasing an additional 1,210 shares during the period. Hedge funds and other institutional investors own 47.50% of the company’s stock.

About Chemung Financial

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.