Chemung Financial Corp. (NASDAQ:CHMG) declared a quarterly dividend on Thursday, May 16th, Wall Street Journal reports. Investors of record on Monday, June 17th will be paid a dividend of 0.26 per share by the bank on Monday, July 1st. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend is Friday, June 14th.
Chemung Financial has a payout ratio of 31.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Chemung Financial to earn $4.04 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 25.7%.
Shares of NASDAQ:CHMG traded down $0.07 during midday trading on Thursday, reaching $49.30. The company had a trading volume of 2,685 shares, compared to its average volume of 9,329. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.90 and a current ratio of 0.91. The company has a market capitalization of $228.33 million, a P/E ratio of 12.97 and a beta of 0.15. Chemung Financial has a 52-week low of $36.87 and a 52-week high of $53.99.
In other Chemung Financial news, Director Jeffrey B. Streeter acquired 594 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was bought at an average price of $47.11 per share, with a total value of $27,983.34. Following the completion of the acquisition, the director now owns 1,000 shares of the company’s stock, valued at $47,110. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 938 shares of company stock valued at $45,355 in the last three months. 18.98% of the stock is owned by insiders.
A hedge fund recently raised its stake in Chemung Financial stock. Geode Capital Management LLC boosted its position in Chemung Financial Corp. (NASDAQ:CHMG) by 3.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,202 shares of the bank’s stock after buying an additional 1,021 shares during the quarter. Geode Capital Management LLC owned approximately 0.63% of Chemung Financial worth $1,247,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 34.69% of the stock is currently owned by institutional investors.
A number of brokerages recently issued reports on CHMG. Zacks Investment Research upgraded Chemung Financial from a “sell” rating to a “hold” rating in a research note on Monday. Sandler O’Neill cut Chemung Financial from a “buy” rating to a “hold” rating in a research report on Monday, April 22nd. Finally, ValuEngine upgraded Chemung Financial from a “sell” rating to a “hold” rating in a research report on Monday, February 4th.
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About Chemung Financial
Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.
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