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.
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.
- Get a free copy of the StockNews.com research report on Chemung Financial (CHMG)
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