Chemung Financial Co. (NASDAQ:CHMG) to Issue Quarterly Dividend of $0.31

Chemung Financial Co. (NASDAQ:CHMG) announced a quarterly dividend on Wednesday, November 20th,Wall Street Journal reports. Shareholders of record on Thursday, December 19th will be paid a dividend of 0.31 per share by the bank on Thursday, January 2nd. This represents a $1.24 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Thursday, December 19th.

Chemung Financial has increased its dividend payment by an average of 6.0% annually over the last three years. Chemung Financial has a dividend payout ratio of 23.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Chemung Financial to earn $5.30 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 23.4%.

Chemung Financial Stock Performance

NASDAQ CHMG opened at $50.10 on Thursday. 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 has a fifty-two week low of $39.00 and a fifty-two week high of $52.59. The business has a fifty day moving average of $48.26 and a 200-day moving average of $46.23. The stock has a market cap of $238.48 million, a price-to-earnings ratio of 11.08 and a beta of 0.15.

Chemung Financial (NASDAQ:CHMG) last announced its earnings results on Tuesday, October 22nd. The bank reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.06. Chemung Financial had a net margin of 14.56% and a return on equity of 10.60%. The firm had revenue of $38.28 million during the quarter, compared to the consensus estimate of $24.00 million. As a group, analysts predict that Chemung Financial will post 4.94 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of Chemung Financial from a “buy” rating to a “hold” rating in a research report on Wednesday.

Insider Buying and Selling at Chemung Financial

In related news, EVP Loren D. Cole sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $51.21, for a total value of $51,210.00. Following the sale, the executive vice president now directly owns 4,771 shares of the company’s stock, valued at approximately $244,322.91. This trade represents a 17.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.04% of the stock is owned by company 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.