Chemung Financial Co. (NASDAQ:CHMG) Announces Dividend Increase – $0.32 Per Share

Chemung Financial Co. (NASDAQ:CHMG) announced 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 2.62%. The ex-dividend date of this dividend is Tuesday, March 18th. This is a 3.2% increase from Chemung Financial’s previous quarterly dividend of $0.31.

Chemung Financial has increased its dividend payment by an average of 1.4% per year over the last three years. Chemung Financial has a payout ratio of 20.5% meaning its dividend is sufficiently covered by earnings. 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 $1.28 annual dividend with an expected future payout ratio of 21.3%.

Chemung Financial Stock Performance

Shares of NASDAQ CHMG opened at $48.81 on Friday. The firm has a fifty day moving average price of $49.27 and a 200-day moving average price of $49.24. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market cap of $232.29 million, a PE ratio of 9.84 and a beta of 0.13. Chemung Financial has a 1 year low of $39.00 and a 1 year high of $55.73.

Chemung Financial (NASDAQ:CHMG) last announced its quarterly earnings data on Tuesday, January 28th. The bank reported $1.24 earnings per share (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%. Equities analysts anticipate that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on CHMG. 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. Keefe, Bruyette & Woods raised their target price on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, StockNews.com cut shares of Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th.

Insider Buying and Selling at Chemung Financial

In other Chemung Financial news, Director Joseph F. Iv Meade acquired 592 shares of the stock in a transaction on Wednesday, January 15th. The stock was acquired at an average price of $47.33 per share, for a total transaction of $28,019.36. Following the completion of the transaction, the director now directly owns 3,710 shares of the company’s stock, valued at $175,594.30. This trade represents a 18.99 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.04% of the stock is owned by company insiders.

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.