Wall Street analysts forecast that Chemung Financial Co. (NASDAQ:CHMG) will announce earnings of $1.26 per share for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Chemung Financial’s earnings, with the lowest EPS estimate coming in at $1.10 and the highest estimate coming in at $1.49. Chemung Financial reported earnings of $0.51 per share in the same quarter last year, which would suggest a positive year over year growth rate of 147.1%. The business is expected to issue its next earnings results on Monday, May 3rd.
According to Zacks, analysts expect that Chemung Financial will report full-year earnings of $4.05 per share for the current year, with EPS estimates ranging from $3.49 to $4.39. For the next financial year, analysts anticipate that the firm will post earnings of $3.69 per share, with EPS estimates ranging from $3.47 to $3.95. Zacks Investment Research’s EPS calculations are an average based on a survey of analysts that follow Chemung Financial.
Chemung Financial (NASDAQ:CHMG) last posted its earnings results on Thursday, January 21st. The bank reported $1.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.11. The business had revenue of $22.37 million for the quarter, compared to analyst estimates of $21.21 million. Chemung Financial had a net margin of 21.06% and a return on equity of 9.54%.
Chemung Financial stock traded down $0.26 during midday trading on Thursday, reaching $43.35. 11,947 shares of the stock were exchanged, compared to its average volume of 12,649. The company’s fifty day moving average is $41.31 and its 200-day moving average is $36.09. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $202.10 million, a PE ratio of 11.57 and a beta of 0.06. Chemung Financial has a 52 week low of $23.01 and a 52 week high of $45.00.
The business also recently declared a quarterly dividend, which was paid on Thursday, April 1st. Stockholders of record on Thursday, March 18th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend was Wednesday, March 17th. Chemung Financial’s payout ratio is 32.50%.
In related news, Director David M. Buicko purchased 893 shares of the firm’s stock in a transaction dated Monday, February 1st. The shares were purchased at an average price of $33.75 per share, with a total value of $30,138.75. Following the acquisition, the director now directly owns 5,210 shares of the company’s stock, valued at $175,837.50. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 19.04% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its holdings in shares of Chemung Financial by 0.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 67,605 shares of the bank’s stock worth $2,295,000 after buying an additional 306 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Chemung Financial by 80.9% in the 4th quarter. JPMorgan Chase & Co. now owns 15,120 shares of the bank’s stock worth $513,000 after buying an additional 6,762 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Chemung Financial by 54.8% in the 4th quarter. Nuveen Asset Management LLC now owns 15,056 shares of the bank’s stock worth $512,000 after buying an additional 5,331 shares during the last quarter. Rhumbline Advisers bought a new position in shares of Chemung Financial in the 4th quarter worth $201,000. Finally, BHZ Capital Management LP increased its holdings in shares of Chemung Financial by 165.3% in the 4th quarter. BHZ Capital Management LP now owns 19,402 shares of the bank’s stock worth $659,000 after buying an additional 12,088 shares during the last quarter. 35.63% of the stock is currently owned by hedge funds and other institutional investors.
Chemung Financial Company Profile
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.
Featured Article: How does a dividend reinvestment plan work?
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.