Analysts Expect Chemung Financial Corp. (NASDAQ:CHMG) to Post $0.93 Earnings Per Share

Shares of Chemung Financial Corp. (NASDAQ:CHMG) have earned an average broker rating score of 3.00 (Hold) from the two analysts that cover the stock, Zacks Investment Research reports. Two equities research analysts have rated the stock with a hold recommendation.

Brokers have set a 12 month consensus target price of $51.00 for the company and are expecting that the company will post $0.93 EPS for the current quarter, according to Zacks. Zacks has also assigned Chemung Financial an industry rank of 167 out of 256 based on the ratings given to related companies.

A number of research firms recently issued reports on CHMG. Zacks Investment Research downgraded shares of Chemung Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, April 23rd. Sandler O’Neill downgraded shares of Chemung Financial from a “buy” rating to a “hold” rating in a research report on Monday, April 22nd.

Shares of NASDAQ CHMG traded down $0.27 during midday trading on Thursday, reaching $48.62. The stock had a trading volume of 697 shares, compared to its average volume of 5,805. The company has a market cap of $236.41 million, a price-to-earnings ratio of 12.79 and a beta of 0.26. Chemung Financial has a twelve month low of $36.87 and a twelve month high of $51.86. 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 firm has a 50 day simple moving average of $47.05.

Chemung Financial (NASDAQ:CHMG) last issued its quarterly earnings results on Wednesday, April 17th. The bank reported $0.92 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.04). The firm had revenue of $20.09 million during the quarter, compared to analyst estimates of $20.32 million. Chemung Financial had a return on equity of 10.95% and a net margin of 22.32%. On average, equities research analysts expect that Chemung Financial will post 3.82 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 17th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.14%. Chemung Financial’s payout ratio is presently 27.37%.

A number of hedge funds have recently made changes to their positions in CHMG. BNP Paribas Arbitrage SA grew its stake in shares of Chemung Financial by 655.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 703 shares of the bank’s stock worth $33,000 after acquiring an additional 610 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Chemung Financial by 164.0% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 2,133 shares of the bank’s stock worth $87,000 after acquiring an additional 1,325 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Chemung Financial in the 1st quarter worth $185,000. Bank of America Corp DE grew its stake in shares of Chemung Financial by 10.8% in the 4th quarter. Bank of America Corp DE now owns 4,703 shares of the bank’s stock worth $194,000 after acquiring an additional 457 shares in the last quarter. Finally, EJF Capital LLC bought a new position in Chemung Financial during the fourth quarter valued at about $201,000. Institutional investors and hedge funds own 35.23% of the company’s stock.

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.

Recommended Story: Return On Assets

Get a free copy of the Zacks research report on Chemung Financial (CHMG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Chemung Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chemung Financial and related companies with MarketBeat.com's FREE daily email newsletter.