Key Points
- Director Robert Dalrymple sold 2,833 shares of Chemung Financial on Feb. 26 at an average price of $56.56 for $160,234.48, reducing his ownership by 67.71% to 1,351 shares.
- Chemung Financial beat Q4 expectations with $1.61 EPS (vs. $1.60 est.) and $30.52M revenue, and the stock trades with a market cap of about $278.3M and a P/E of ~18.5.
- The company announced a quarterly dividend of $0.34 (annualized $1.36) with an ex‑dividend/record date of March 18 (yield ~2.3%), while analysts maintain a consensus "Hold" rating and an average price target near $57.00.
Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) Director Robert Dalrymple sold 2,833 shares of Chemung Financial stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $56.56, for a total transaction of $160,234.48. Following the completion of the transaction, the director directly owned 1,351 shares of the company's stock, valued at $76,412.56. This trade represents a 67.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Chemung Financial Stock Performance
NASDAQ:CHMG opened at $58.05 on Friday. The company's 50 day moving average price is $57.67 and its 200-day moving average price is $54.37. Chemung Financial Corp has a 52 week low of $40.71 and a 52 week high of $65.50. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.19. The stock has a market cap of $278.29 million, a price-to-earnings ratio of 18.49 and a beta of 0.48.
Chemung Financial (NASDAQ:CHMG - Get Free Report) last announced its quarterly earnings data on Monday, January 26th. The bank reported $1.61 earnings per share for the quarter, topping analysts' consensus estimates of $1.60 by $0.01. Chemung Financial had a net margin of 10.73% and a return on equity of 11.80%. The company had revenue of $30.52 million during the quarter, compared to analyst estimates of $29.48 million. On average, equities research analysts forecast that Chemung Financial Corp will post 5.38 earnings per share for the current fiscal year.
Chemung Financial Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Wednesday, March 18th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, March 18th. This represents a $1.36 annualized dividend and a dividend yield of 2.3%. Chemung Financial's dividend payout ratio (DPR) is 43.31%.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on CHMG. Keefe, Bruyette & Woods raised their price target on shares of Chemung Financial from $60.00 to $64.00 and gave the company a "market perform" rating in a report on Wednesday, January 28th. Wall Street Zen upgraded shares of Chemung Financial from a "hold" rating to a "buy" rating in a research report on Saturday, December 27th. Weiss Ratings restated a "hold (c)" rating on shares of Chemung Financial in a report on Monday, December 29th. Finally, Zacks Research upgraded shares of Chemung Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, February 6th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $57.00.
Check Out Our Latest Report on CHMG
Institutional Trading of Chemung Financial
Several large investors have recently added to or reduced their stakes in the business. PL Capital Advisors LLC increased its holdings in Chemung Financial by 890.1% during the third quarter. PL Capital Advisors LLC now owns 59,127 shares of the bank's stock valued at $3,105,000 after buying an additional 53,155 shares during the last quarter. Empower Advisory Group LLC bought a new stake in shares of Chemung Financial during the 2nd quarter valued at $802,000. Fourthstone LLC purchased a new stake in shares of Chemung Financial in the 2nd quarter worth $789,000. 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 worth $4,521,000 after purchasing an additional 12,917 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Chemung Financial by 44.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 39,056 shares of the bank's stock worth $2,179,000 after purchasing an additional 11,981 shares during the period. 47.50% of the stock is currently owned by institutional investors.
About Chemung Financial
(
Get Free Report)
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.
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