Chemung Financial Corp (NASDAQ:CHMG) Announces Quarterly Dividend of $0.34

Chemung Financial Corp (NASDAQ:CHMG) announced a quarterly dividend on Thursday, May 21st. Investors of record on Wednesday, June 17th will be given a dividend of 0.34 per share by the bank on Wednesday, July 1st. This represents a c) dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Wednesday, June 17th.

Chemung Financial has increased its dividend by an average of 0.0%per year 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% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Chemung Financial to earn $6.86 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 19.8%.

Chemung Financial Price Performance

CHMG opened at $68.82 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.47. Chemung Financial has a 12 month low of $43.20 and a 12 month high of $70.83. The company has a fifty day simple moving average of $60.46 and a 200 day simple moving average of $57.47. The stock has a market cap of $331.71 million, a P/E ratio of 18.16 and a beta of 0.59.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Friday, April 17th. The bank reported $1.91 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.28. Chemung Financial had a net margin of 12.77% and a return on equity of 12.45%. The business had revenue of $29.90 million during the quarter, compared to analysts’ expectations of $29.21 million. On average, research analysts expect that Chemung Financial will post 6.75 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their price target on Chemung Financial from $60.00 to $64.00 and gave the company a “market perform” rating in a research note on Wednesday, January 28th. Zacks Research raised Chemung Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 14th. Wall Street Zen raised Chemung Financial from a “hold” rating to a “buy” rating in a research note on Sunday, April 19th. Finally, Weiss Ratings raised Chemung Financial from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $64.00.

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.