Chemung Financial Co. (NASDAQ:CHMG) to Issue Quarterly Dividend of $0.32

Chemung Financial Co. (NASDAQ:CHMG - Get Free Report) declared a quarterly dividend on Wednesday, February 19th, RTT News reports. Stockholders of record on Tuesday, March 18th will be paid a dividend of 0.32 per share by the bank on Tuesday, April 1st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend is Tuesday, March 18th. This is a boost from Chemung Financial's previous quarterly dividend of $0.31.

Chemung Financial has raised its dividend by an average of 1.4% annually over the last three years. Chemung Financial has a payout ratio of 19.9% indicating that 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 $1.24 annual dividend with an expected future payout ratio of 20.6%.

Chemung Financial Trading Down 0.6 %

Shares of NASDAQ:CHMG traded down $0.32 during mid-day trading on Friday, reaching $51.23. 17,948 shares of the company's stock were exchanged, compared to its average volume of 12,440. The firm has a market capitalization of $243.85 million, a price-to-earnings ratio of 10.33 and a beta of 0.19. The business's fifty day moving average price is $49.27 and its 200-day moving average price is $48.70. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. Chemung Financial has a twelve month low of $39.00 and a twelve month high of $55.73.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last issued its quarterly earnings results on Tuesday, January 28th. The bank reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $1.19 by $0.05. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. On average, research analysts predict that Chemung Financial will post 5.38 EPS for the current fiscal year.

Insider Buying and Selling at Chemung Financial

In related news, Director Joseph F. Iv Meade purchased 592 shares of the firm'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 purchase, the director now owns 3,710 shares in the company, valued at approximately $175,594.30. This trade represents a 18.99 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 12.04% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CHMG. Keefe, Bruyette & Woods lifted their target price on shares of Chemung Financial from $54.00 to $60.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. StockNews.com downgraded shares of Chemung Financial from a "buy" rating to a "hold" rating in a research note on Wednesday, November 20th. Finally, Piper Sandler began coverage on shares of Chemung Financial in a research note on Friday, December 20th. They set a "neutral" rating and a $57.00 target price for the company.

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.