Chemung Financial (NASDAQ:CHMG) Announces Earnings Results

Chemung Financial (NASDAQ:CHMG - Get Free Report) issued its quarterly earnings results on Tuesday. The bank reported $1.19 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.06, Yahoo Finance reports. The company had revenue of $38.28 million for the quarter, compared to analyst estimates of $24.00 million. Chemung Financial had a return on equity of 11.33% and a net margin of 16.02%.

Chemung Financial Stock Down 0.0 %

NASDAQ:CHMG traded down $0.02 during mid-day trading on Wednesday, reaching $47.18. The stock had a trading volume of 10,549 shares, compared to its average volume of 9,788. The company has a market capitalization of $224.20 million, a price-to-earnings ratio of 9.02 and a beta of 0.15. Chemung Financial has a 1-year low of $38.75 and a 1-year high of $51.36. The stock's 50 day simple moving average is $46.94 and its two-hundred day simple moving average is $45.14. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.87 and a quick ratio of 0.87.

Chemung Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.24 annualized dividend and a dividend yield of 2.63%. Chemung Financial's dividend payout ratio is presently 23.75%.

Insiders Place Their Bets

In related news, EVP Thomas W. Wirth sold 764 shares of the business's stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $44.40, for a total transaction of $33,921.60. Following the sale, the executive vice president now owns 3,926 shares of the company's stock, valued at $174,314.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 12.04% of the stock is currently owned by corporate insiders.

About Chemung Financial

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.