Chemung Financial (CHMG) to Release Quarterly Earnings on Thursday

Chemung Financial (NASDAQ:CHMG) is projected to announce its earnings results before the market opens on Thursday, January 23rd. Analysts expect the company to announce earnings of $1.19 per share and revenue of $24,830.00 billion for the quarter.

Chemung Financial (NASDAQ:CHMG) last released its earnings results on Tuesday, October 22nd. The bank reported $1.19 EPS for the quarter, beating the consensus estimate of $1.13 by $0.06. The company had revenue of $38.28 million for the quarter, compared to analyst estimates of $24.00 million. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. On average, analysts expect Chemung Financial to post $5 EPS for the current fiscal year and $5 EPS for the next fiscal year.

Chemung Financial Price Performance

Shares of Chemung Financial stock opened at $47.10 on Tuesday. The company’s fifty day simple moving average is $50.40 and its two-hundred day simple moving average is $48.26. Chemung Financial has a 12-month low of $39.00 and a 12-month high of $55.73. The firm has a market cap of $224.15 million, a PE ratio of 10.42 and a beta of 0.19. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.24.

Chemung Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.63%. The ex-dividend date was Thursday, December 19th. Chemung Financial’s payout ratio is currently 27.43%.

Insiders Place Their Bets

In other Chemung Financial news, EVP Loren D. Cole sold 1,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the transaction, the executive vice president now owns 4,771 shares of the company’s stock, valued at $244,322.91. This represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Joseph F. Iv Meade bought 592 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was purchased at an average cost of $47.33 per share, with a total value of $28,019.36. Following the completion of the transaction, the director now owns 3,710 shares in the company, valued at $175,594.30. This represents a 18.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 12.04% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CHMG. Piper Sandler initiated coverage on shares of Chemung Financial in a report on Friday, December 20th. They set a “neutral” rating and a $57.00 price target on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Finally, StockNews.com cut Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th.

Chemung Financial Company Profile

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.