Chemung Financial (NASDAQ:CHMG – Get Rating) released its quarterly earnings results on Thursday. The bank reported $1.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.23 by $0.23, MarketWatch Earnings reports. Chemung Financial had a return on equity of 12.95% and a net margin of 28.45%.
NASDAQ CHMG traded up $0.63 on Friday, hitting $47.30. 5,722 shares of the stock traded hands, compared to its average volume of 4,372. The stock has a 50-day moving average of $46.34 and a 200 day moving average of $46.07. Chemung Financial has a twelve month low of $41.42 and a twelve month high of $49.50. The company has a market capitalization of $220.61 million, a P/E ratio of 8.39 and a beta of 0.07. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.09.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 1st. Shareholders of record on Friday, March 18th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.62%. The ex-dividend date was Thursday, March 17th. Chemung Financial’s payout ratio is currently 21.99%.
CHMG has been the topic of several recent analyst reports. Zacks Investment Research cut Chemung Financial from a “buy” rating to a “hold” rating in a research note on Monday, December 27th. StockNews.com started coverage on Chemung Financial in a research note on Tuesday. They issued a “hold” rating on the stock.
In other Chemung Financial news, Director Denise V. Gonick sold 800 shares of the company’s stock in a transaction that occurred on Tuesday, February 1st. The stock was sold at an average price of $45.62, for a total transaction of $36,496.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 13.32% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Alliancebernstein L.P. raised its position in shares of Chemung Financial by 5.4% during the 4th quarter. Alliancebernstein L.P. now owns 68,930 shares of the bank’s stock worth $3,202,000 after purchasing an additional 3,547 shares during the period. Morgan Stanley raised its position in shares of Chemung Financial by 18.0% during the 3rd quarter. Morgan Stanley now owns 34,117 shares of the bank’s stock worth $1,545,000 after purchasing an additional 5,210 shares during the period. BlackRock Inc. raised its position in shares of Chemung Financial by 11.4% during the 4th quarter. BlackRock Inc. now owns 11,573 shares of the bank’s stock worth $538,000 after purchasing an additional 1,188 shares during the period. Susquehanna International Group LLP raised its position in shares of Chemung Financial by 45.1% during the 4th quarter. Susquehanna International Group LLP now owns 8,573 shares of the bank’s stock worth $392,000 after purchasing an additional 2,666 shares during the period. Finally, Two Sigma Advisers LP acquired a new stake in shares of Chemung Financial during the 3rd quarter worth approximately $258,000. Institutional investors and hedge funds own 36.16% of the company’s stock.
Chemung Financial Company Profile (Get Rating)
Chemung Financial Corporation operates as the 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.
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