Fintel reports that on April 6, 2023,
Keefe, Bruyette & Woods
maintained
coverage of Chemung Financial (NASDAQ:CHMG) with
a Market Perform recommendation.
Analyst Price Forecast Suggests 27.58% Upside
As of April 6, 2023,
the average one-year price target for Chemung Financial is $51.34.
The forecasts range from a low of $46.46 to a high of $58.80.
The average price target represents an increase of 27.58% from its latest reported closing price of $40.24.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Chemung Financial
is $103MM, an increase of 7.14%.
The projected annual non-GAAP EPS
is $6.04.
Chemung Financial Declares $0.31 Dividend
On February 15, 2023 the company declared a regular
quarterly dividend of $0.31 per share ($1.24 annualized).
Shareholders of record as of March 20, 2023
received the payment on April 3, 2023.
Previously, the company paid $0.31 per share.
At the current share price of $40.24 / share,
the stock’s dividend yield is 3.08%.
Looking back five years and taking a sample every week, the average dividend yield has been
2.71%,
the lowest has been 1.99%,
and the highest has been 4.47%.
The standard deviation of yields is 0.48 (n=233).
The current dividend yield is
0.77 standard deviations
above
the historical average.
Additionally, the company’s dividend payout ratio is 0.20.
The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0)
means 100% of the company’s income is paid in a dividend.
A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a
healthy situation.
Companies with few growth prospects are expected to pay out most of their income in dividends, which typically
means a payout ratio between 0.5 and 1.0.
Companies with good growth prospects are expected to retain some earnings in order to invest
in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is 0.19%,
demonstrating that it has increased its dividend over time.
What are Other Shareholders Doing?
DFA INVESTMENT DIMENSIONS GROUP INC – U.S. Social Core Equity 2 Portfolio Shares
holds 0K shares
representing 0.01% ownership of the company.
No change in the last quarter.
Bank of New York Mellon
holds 12K shares
representing 0.26% ownership of the company.
In it’s prior filing, the firm reported owning 12K shares, representing
an increase
of 1.33%.
The firm
decreased
its portfolio allocation in CHMG by 57.12% over the last quarter.
Sandy Spring Bank
holds 2K shares
representing 0.03% ownership of the company.
No change in the last quarter.
Bnp Paribas Arbitrage
holds 0K shares
representing 0.00% ownership of the company.
No change in the last quarter.
DFSVX – U.s. Small Cap Value Portfolio – Institutional Class
holds 7K shares
representing 0.15% ownership of the company.
No change in the last quarter.
What is the Fund Sentiment?
There are 99 funds or institutions reporting positions in Chemung Financial.
This is an increase
of
6
owner(s) or 6.45% in the last quarter.
Average portfolio weight of all funds dedicated to CHMG is 0.09%,
an increase
of 22.79%.
Total shares owned by institutions decreased
in the last three months by 0.36% to 1,808K shares.
Chemung Financial Background Information
(This description is provided by the company.)
Chemung Financial Corporation is a $2.2 billion financial services holding company headquartered in Elmira, New York and operates 32 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full service community bank with trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance, and Chemung Risk Management, Inc., a captive insurance company based in the State of Nevada.
See all Chemung Financial regulatory filings.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
