Key Points
- Executive sale: Chemung Financial EVP Loren Cole sold 5,160 shares for $430,860, reducing their direct holdings by nearly 50% to 5,164 shares.
- Financial performance: The bank reported quarterly EPS of $1.82, exceeding estimates by $0.05, while revenue of $31.17 million also surpassed expectations.
- Dividend and outlook: Chemung Financial raised its quarterly dividend to $0.36, producing a 1.7% annualized yield. Analysts maintained an overall “Buy” rating with an average price target of $84.
Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) EVP Loren Cole sold 5,160 shares of the firm's stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $83.50, for a total transaction of $430,860.00. Following the transaction, the executive vice president directly owned 5,164 shares in the company, valued at approximately $431,194. The trade was a 49.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.
Chemung Financial Stock Down 1.0%
Chemung Financial stock opened at $82.68 on Friday. The firm's fifty day simple moving average is $81.34 and its 200-day simple moving average is $70.37. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. Chemung Financial Corp has a 1-year low of $49.82 and a 1-year high of $86.00. The company has a market capitalization of $398.52 million, a P/E ratio of 11.88 and a beta of 0.57.
Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.82 EPS for the quarter, beating analysts' consensus estimates of $1.77 by $0.05. Chemung Financial had a net margin of 20.68% and a return on equity of 12.98%. The company had revenue of $31.17 million for the quarter, compared to analyst estimates of $30.52 million. Sell-side analysts forecast that Chemung Financial Corp will post 7.54 earnings per share for the current fiscal year.
Chemung Financial Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th will be given a $0.36 dividend. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $1.44 annualized dividend and a yield of 1.7%. This is an increase from Chemung Financial's previous quarterly dividend of $0.34. Chemung Financial's dividend payout ratio (DPR) is presently 19.54%.
Institutional Investors Weigh In On Chemung Financial
Institutional investors and hedge funds have recently bought and sold shares of the business. Hudock Inc. bought a new position in shares of Chemung Financial during the 2nd quarter worth about $1,634,000. Wellington Management Group LLP bought a new stake in Chemung Financial in the second quarter valued at about $2,347,000. Empowered Funds LLC acquired a new position in Chemung Financial in the second quarter worth about $2,010,000. Bank of America Corp DE bought a new position in Chemung Financial during the second quarter worth about $1,058,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Chemung Financial in the 2nd quarter valued at approximately $1,272,000. Institutional investors own 47.50% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on CHMG shares. Weiss Ratings raised Chemung Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 12th. Wall Street Zen upgraded shares of Chemung Financial from a "hold" rating to a "buy" rating in a research note on Sunday, August 30th. Zacks Research raised shares of Chemung Financial from a "hold" rating to a "strong-buy" rating in a report on Friday, July 24th. Keefe, Bruyette & Woods raised their price target on shares of Chemung Financial from $77.00 to $81.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 28th. Finally, Raymond James Financial started coverage on shares of Chemung Financial in a report on Tuesday, September 1st. They set an "outperform" rating and a $87.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $84.00.
View Our Latest Stock Report on Chemung Financial
Chemung Financial Company Profile
(
Get Free Report)
Chemung Financial Corporation is a bank holding company headquartered in Elmira, New York. Its principal subsidiary, Chemung Canal Trust Company, provides community banking and financial services to individuals, families, businesses and nonprofit organizations.
The company's offerings include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial lending and other deposit and credit products. Through its trust and wealth management operations, Chemung Financial also provides investment management, financial planning, fiduciary and estate-related services.
Founded in 1833, Chemung Financial has a long history of serving the Southern Tier of New York and neighboring communities in northern Pennsylvania.
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