Chemung Financial Co. (NASDAQ:CHMG) Declares $0.31 Quarterly Dividend

Chemung Financial Co. (NASDAQ:CHMG – Get Rating) declared a quarterly dividend on Wednesday, May 18th, Zacks reports. Investors of record on Friday, June 17th will be paid a dividend of 0.31 per share by the bank on Friday, July 1st. This represents a $1.24 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Thursday, June 16th.

Chemung Financial has increased its dividend payment by an average of 4.6% per year over the last three years and has increased its dividend every year for the last 1 years. Chemung Financial has a dividend payout ratio of 23.3% indicating that its dividend is sufficiently covered by earnings. 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%.

Shares of CHMG opened at $45.82 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.73 and a current ratio of 0.73. The company has a market capitalization of $213.98 million, a PE ratio of 8.02 and a beta of 0.06. Chemung Financial has a 52 week low of $41.42 and a 52 week high of $49.50. The company’s 50 day moving average price is $46.44 and its 200 day moving average price is $46.19.

Chemung Financial (NASDAQ:CHMG – Get Rating) last released its earnings results on Thursday, April 21st. The bank reported $1.46 EPS for the quarter, beating the consensus estimate of $1.23 by $0.23. Chemung Financial had a net margin of 28.58% and a return on equity of 13.26%. On average, equities analysts forecast that Chemung Financial will post 5.11 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Citigroup Inc. bought a new position in shares of Chemung Financial in the 1st quarter valued at about $28,000. UBS Group AG raised its position in shares of Chemung Financial by 79.9% in the 1st quarter. UBS Group AG now owns 1,283 shares of the bank’s stock valued at $60,000 after acquiring an additional 570 shares during the period. Two Sigma Advisers LP acquired a new stake in shares of Chemung Financial in the 3rd quarter valued at approximately $258,000. Susquehanna International Group LLP raised its position in shares of Chemung Financial by 45.1% in the 4th quarter. Susquehanna International Group LLP now owns 8,573 shares of the bank’s stock valued at $392,000 after acquiring an additional 2,666 shares during the period. Finally, BlackRock Inc. raised its position in shares of Chemung Financial by 11.4% in the 4th quarter. BlackRock Inc. now owns 11,573 shares of the bank’s stock valued at $538,000 after acquiring an additional 1,188 shares during the period. 36.07% of the stock is currently owned by institutional investors.

Separately, StockNews.com assumed coverage on shares of Chemung Financial in a report on Friday, May 13th. They issued a “hold” rating on the 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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