Upcoming Dividend • Jun 12
Upcoming dividend of US$0.34 per share Eligible shareholders must have bought the stock before 17 June 2026. Payment date: 01 July 2026. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (2.3%). Declared Dividend • May 29
First quarter dividend of US$0.34 announced Shareholders will receive a dividend of US$0.34. Ex-date: 17th June 2026 Payment date: 1st July 2026 Dividend yield will be 2.0%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 2.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 33% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 24
Chemung Financial Corporation Approves Quarterly Cash Dividend, Payable on July 1, 2026 Chemung Financial Corporation announced that its Board of Directors has approved a quarterly cash dividend of $0.34 per share, payable on July 1, 2026, to common stock shareholders of record as of the close of business on June 17, 2026. Recent Insider Transactions • Apr 28
Independent Director recently sold US$51k worth of stock On the 27th of April, Thomas Tyrrell sold around 788 shares on-market at roughly US$65.33 per share. This transaction amounted to 8.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$160k. Despite this recent sale, insiders have collectively bought US$847k more than they sold in the last 12 months. Price Target Changed • Apr 21
Price target increased by 9.3% to US$70.25 Up from US$64.25, the current price target is an average from 2 analysts. New target price is 5.6% above last closing price of US$66.55. Stock is up 51% over the past year. The company is forecast to post earnings per share of US$7.15 for next year compared to US$3.14 last year. Reported Earnings • Apr 19
First quarter 2026 earnings released: EPS: US$1.91 (vs US$1.26 in 1Q 2025) First quarter 2026 results: EPS: US$1.91 (up from US$1.26 in 1Q 2025). Revenue: US$29.3m (up 19% from 1Q 2025). Net income: US$9.20m (up 53% from 1Q 2025). Profit margin: 31% (up from 25% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. New Risk • Apr 17
New major risk - Revenue and earnings growth Earnings have declined by 9.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.5% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (17% net profit margin). Significant insider selling over the past 3 months (US$251k sold). Reported Earnings • Mar 15
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: US$3.14 (down from US$4.96 in FY 2024). Revenue: US$90.7m (down 6.9% from FY 2024). Net income: US$15.1m (down 36% from FY 2024). Profit margin: 17% (down from 24% in FY 2024). The decrease in margin was primarily driven by lower revenue. Net interest margin (NIM): 3.26% (up from 2.76% in FY 2024). Cost-to-income ratio: 63.0% (down from 68.9% in FY 2024). Non-performing loans: 0.35% (down from 0.43% in FY 2024). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 11
Upcoming dividend of US$0.34 per share Eligible shareholders must have bought the stock before 18 March 2026. Payment date: 01 April 2026. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.3%). In line with average of industry peers (2.5%). Recent Insider Transactions Derivative • Feb 26
Independent Director notifies of intention to sell stock Robert Dalrymple intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of February. If the sale is conducted around the recent share price of US$60.01, it would amount to US$170k. Since June 2025, Robert's direct individual holding has increased from 248.95k shares to 249.65k. Company insiders have collectively bought US$1.1m more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • Feb 20
Fourth quarter dividend of US$0.34 announced Shareholders will receive a dividend of US$0.34. Ex-date: 18th March 2026 Payment date: 1st April 2026 Dividend yield will be 2.3%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (42% payout ratio) and is expected to be well covered in 3 years' time (16% forecast payout ratio). The dividend has increased by an average of 2.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 99% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 18
Chemung Financial Corporation Approves Quarterly Cash Dividend, Payable on April 1, 2026 Chemung Financial Corporation announced that its Board of Directors has approved a quarterly cash dividend of $0.34 per share, payable on April 1, 2026, to common stock shareholders of record as of the close of business on March 18, 2026. Recent Insider Transactions Derivative • Feb 04
President of Capital Bank Division notifies of intention to sell stock Daniel Fariello intends to sell 990 shares in the next 90 days after lodging an Intent To Sell Form on the 4th of February. If the sale is conducted around the recent share price of US$59.04, it would amount to US$58k. Since March 2025, Daniel's direct individual holding has decreased from 10.24k shares to 9.94k. Company insiders have collectively bought US$1.1m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Jan 28
Full year 2025 earnings released Full year 2025 results: Net income: (down US$23.7m from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Jan 27
New major risk - Revenue and earnings growth Earnings have declined by 6.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.1% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (15% net profit margin). Price Target Changed • Dec 21
Price target increased by 7.1% to US$64.25 Up from US$60.00, the current price target is an average from 2 analysts. New target price is 11% above last closing price of US$57.81. Stock is up 16% over the past year. The company is forecast to post earnings per share of US$3.15 for next year compared to US$4.96 last year. Upcoming Dividend • Dec 12
Upcoming dividend of US$0.34 per share Eligible shareholders must have bought the stock before 19 December 2025. Payment date: 02 January 2026. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of American dividend payers (4.4%). In line with average of industry peers (2.4%). Declared Dividend • Nov 21
Third quarter dividend of US$0.34 announced Shareholders will receive a dividend of US$0.34. Ex-date: 19th December 2025 Payment date: 2nd January 2026 Dividend yield will be 2.5%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (46% payout ratio) and is expected to be well covered in 3 years' time (17% forecast payout ratio). The dividend has increased by an average of 2.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 129% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 19
Chemung Financial Corporation Approves Quarterly Cash Dividend, Payable on January 2, 2026 Chemung Financial Corporation announced that its Board of Directors has approved a quarterly cash dividend of $0.34 per share, payable on January 2, 2026, to common stock shareholders of record as of the close of business on December 19, 2025. Recent Insider Transactions • Oct 31
Independent Director recently bought US$113k worth of stock On the 29th of October, Jeffrey Streeter bought around 2k shares on-market at roughly US$51.92 per share. This transaction amounted to 7.2% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth US$149k. Insiders have collectively bought US$1.1m more in shares than they have sold in the last 12 months. Reported Earnings • Oct 23
Third quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2025 results: EPS: US$1.62 (up from US$1.20 in 3Q 2024). Revenue: US$27.7m (up 17% from 3Q 2024). Net income: US$7.79m (up 36% from 3Q 2024). Profit margin: 28% (up from 24% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Oct 22
New major risk - Revenue and earnings growth Earnings have declined by 1.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.8% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (14% net profit margin). Announcement • Oct 22
Chemung Financial Corporation Announces Net Charge-Offs for the Third Quarter Ended September 30, 2025 Chemung Financial Corporation announced Net charge-offs for the third quarter ended September 30, 2025. For the quarter, the company reported Net charge-offs of $86,000 against $78,000 a year ago. Announcement • Sep 12
Chemung Financial Corporation Announces Executive Changes, Effective October 1, 2025 On September 5, 2025, Thomas W. Wirth formally notified Chemung Financial Corporation (the “Corporation”) confirming his retirement as Executive Vice President responsible for the Wealth Management Group of Chemung Canal Trust Company (the “Bank”), the wholly owned subsidiary of the Corporation, will become effective as of October 1, 2025. Mr. Wirth’s intent to retire was previously disclosed in the Corporation’s Current Report on Form 8-K dated March 14, 2025. In connection with Mr. Wirth’s retirement, the Bank has appointed Jeffrey P. Kenefick, Executive Vice President and Regional President of Chemung Canal Trust Company, to serve as interim head of the Wealth Management Group, effective October 1, 2025, while the Corporation continues to conduct a search for a permanent successor. The Corporation also intends to enter into a post-employment consulting agreement with Mr. Wirth where he would provide continuing strategic, process, and tactical support and advice to the interim head of the Wealth Management Group and the executive management team, as needed, for an anticipated term of approximately six months. Upcoming Dividend • Sep 10
Upcoming dividend of US$0.34 per share Eligible shareholders must have bought the stock before 17 September 2025. Payment date: 01 October 2025. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (4.4%). In line with average of industry peers (2.5%). Declared Dividend • Aug 22
Second quarter dividend of US$0.34 announced Shareholders will receive a dividend of US$0.34. Ex-date: 17th September 2025 Payment date: 1st October 2025 Dividend yield will be 2.4%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 2.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 77% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 20
Chemung Financial Corporation Announces Quarterly Dividend, Payable on October 1, 2025 Chemung Financial Corporation announced that its Board of Directors has approved a dividend increase of $0.02 per share, equal to a quarterly cash dividend of $0.34 per share, payable on October 1, 2025 to common stock shareholders of record as of the close of business on September 17, 2025. Recent Insider Transactions • Jul 27
Independent Director recently bought US$175k worth of stock On the 23rd of July, Jeffrey Streeter bought around 3k shares on-market at roughly US$53.19 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$137k more in shares than they have sold in the last 12 months. Price Target Changed • Jul 22
Price target increased by 7.2% to US$59.50 Up from US$55.50, the current price target is an average from 2 analysts. New target price is 13% above last closing price of US$52.51. Stock is up 7.3% over the past year. The company is forecast to post earnings per share of US$3.11 for next year compared to US$4.96 last year. New Risk • Jul 18
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 14% Last year net profit margin: 25% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 18
Second quarter 2025 earnings released: US$1.34 loss per share (vs US$1.05 profit in 2Q 2024) Second quarter 2025 results: US$1.34 loss per share (down from US$1.05 profit in 2Q 2024). Revenue: US$8.96m (down 60% from 2Q 2024). Net loss: US$6.45m (down 229% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Major Estimate Revision • Jun 25
Consensus EPS estimates fall by 34%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$106.4m to US$108.2m. EPS estimate fell from US$4.63 to US$3.05 per share. Net income forecast to shrink 16% next year vs 14% growth forecast for Banks industry in the US . Consensus price target broadly unchanged at US$56.33. Share price was steady at US$47.50 over the past week. Announcement • Jun 18
Chemung Financial Corporation announced that it has received $45 million in funding On June 17, 2025, Chemung Financial Corporation closed the transaction. The transaction included participation from 40 investors. Upcoming Dividend • Jun 13
Upcoming dividend of US$0.32 per share Eligible shareholders must have bought the stock before 17 June 2025. Payment date: 01 July 2025. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.7%). In line with average of industry peers (2.7%). Major Estimate Revision • Jun 12
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$5.42 to US$4.63. Revenue forecast unchanged from US$106.4m at last update. Net income forecast to grow 8.2% next year vs 14% growth forecast for Banks industry in the US. Consensus price target broadly unchanged at US$55.33. Share price rose 4.9% to US$48.40 over the past week. Announcement • Jun 11
Chemung Financial Corporation announced that it has received $45 million in funding Chemung Financial Corporation announced that it has entered into subordinated note purchase agreements at an aggregate principal amount of $45,000,000 million on June 10, 2025. The interest will accrue on the note is 7.75% fixed-to-floating rate subordinated notes due 2035. The Notes, which mature on June 15, 2035, bear interest at a fixed annual rate of 7.75% for the period up to, but excluding, June 15, 2030. From and including June 15, 2030 until maturity or redemption, the interest rate will adjust to a floating rate equal to a benchmark rate, which is expected to be the then-current three-month term SOFR, plus 415 basis points. The company will pay interest in arrears semi-annually during the Fixed Interest Rate Period and quarterly during the Floating Interest Rate Period. The company cannot redeem the Notes before the fifth anniversary of the issuance date. Declared Dividend • May 29
First quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 17th June 2025 Payment date: 1st July 2025 Dividend yield will be 2.7%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 2.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 23
Chemung Financial Corporation Announces Quarterly Cash Dividend, Payable on July 1, 2025 Chemung Financial Corporation announced that its Board of Directors has approved a quarterly cash dividend of $0.32 per share, payable on July 1, 2025, to common stock shareholders of record as of the close of business on June 17, 2025. Announcement • Apr 24
Chemung Financial Corporation, Annual General Meeting, Jun 03, 2025 Chemung Financial Corporation, Annual General Meeting, Jun 03, 2025. Announcement • Apr 21
Chemung Financial Corporation Reported Unaudited Consolidated Net Charge Offs for the First Quarter Ended March 31, 2025 Chemung Financial Corporation reported unaudited consolidated net charge offs for the first quarter ended March 31, 2025. for the quarter, the company reported Net charge-offs of $262,000 against $182,000 a year ago. Reported Earnings • Apr 20
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: US$1.26 (down from US$1.48 in 1Q 2024). Revenue: US$24.6m (down 4.5% from 1Q 2024). Net income: US$6.02m (down 15% from 1Q 2024). Profit margin: 25% (down from 27% in 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.3%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 16
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: US$4.96 (down from US$5.28 in FY 2023). Revenue: US$97.3m (up 1.7% from FY 2023). Net income: US$23.7m (down 5.3% from FY 2023). Profit margin: 24% (down from 26% in FY 2023). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 2.76% (down from 2.85% in FY 2023). Cost-to-income ratio: 68.9% (up from 66.2% in FY 2023). Non-performing loans: 0.43% (down from 0.53% in FY 2023). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 11
Upcoming dividend of US$0.32 per share Eligible shareholders must have bought the stock before 18 March 2025. Payment date: 01 April 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (2.9%). Declared Dividend • Feb 23
Fourth quarter dividend increased to US$0.32 Dividend of US$0.32 is 3.2% higher than last year. Ex-date: 18th March 2025 Payment date: 1st April 2025 Dividend yield will be 2.4%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (25% payout ratio) and is expected to be well covered in 3 years' time (20% forecast payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 24% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 20
Chemung Financial Corporation Announces Quarterly Dividend, Payable on April 1, 2025 Chemung Financial Corporation announced that its Board of Directors has approved a dividend increase of $0.01 per share, equal to a quarterly cash dividend of $0.32 per share, payable on April 1, 2025, to common stock shareholders of record as of the close of business on March 18, 2025. This represents a dividend increase of 3.2%. Price Target Changed • Feb 04
Price target increased by 8.0% to US$58.33 Up from US$54.00, the current price target is an average from 3 analysts. New target price is 15% above last closing price of US$50.70. Stock is up 14% over the past year. The company is forecast to post earnings per share of US$5.35 for next year compared to US$4.96 last year. Reported Earnings • Jan 29
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: US$4.96 (down from US$5.28 in FY 2023). Revenue: US$97.3m (up 1.7% from FY 2023). Net income: US$23.7m (down 5.3% from FY 2023). Profit margin: 24% (down from 26% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 12
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 19 December 2024. Payment date: 02 January 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (2.6%). Price Target Changed • Dec 04
Price target increased by 7.0% to US$57.00 Up from US$53.25, the current price target is an average from 2 analysts. New target price is 7.5% above last closing price of US$53.02. Stock is up 13% over the past year. The company is forecast to post earnings per share of US$4.90 for next year compared to US$5.28 last year. Declared Dividend • Nov 22
Third quarter dividend of US$0.31 announced Dividend of US$0.31 is the same as last year. Ex-date: 19th December 2024 Payment date: 2nd January 2025 Dividend yield will be 2.4%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (27% payout ratio) and is expected to be well covered in 3 years' time (20% forecast payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 33% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 20
Chemung Financial Corporation Announces Quarterly Dividend, Payable on January 2, 2025 Chemung Financial Corporation announced that its Board of Directors has approved a quarterly cash dividend of $0.31 per share, payable on January 2, 2025, to common stock shareholders of record as of the close of business on December 19, 2024. Recent Insider Transactions • Nov 10
Insider recently sold US$51k worth of stock On the 6th of November, Loren Cole sold around 1k shares on-market at roughly US$51.21 per share. This transaction amounted to 8.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$71k more than they bought in the last 12 months. Reported Earnings • Oct 23
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: US$1.20 (down from US$1.62 in 3Q 2023). Revenue: US$23.7m (down 6.4% from 3Q 2023). Net income: US$5.72m (down 25% from 3Q 2023). Profit margin: 24% (down from 30% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.8%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has increased by 1% per year. Announcement • Oct 23
Chemung Financial Corporation Reports Net Charge-Offs for the Third Quarter Ended September 30, 2024 Chemung Financial Corporation reported net charge-offs for the third quarter ended September 30, 2024. For the quarter, the company reported net charge-offs of $79,000 against $356,000 a year ago. Upcoming Dividend • Sep 12
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 19 September 2024. Payment date: 01 October 2024. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (4.4%). In line with average of industry peers (3.0%). Declared Dividend • Aug 25
First quarter dividend of US$0.31 announced Dividend of US$0.31 is the same as last year. Ex-date: 19th September 2024 Payment date: 1st October 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • Aug 22
Chemung Financial Corporation Announces Quarterly Dividend, Payable on October 1, 2024 Chemung Financial Corporation announced that its Board of Directors has approved a quarterly cash dividend of $0.31 per share, payable on October 1, 2024, to common stock shareholders of record as of the close of business on September 19, 2024. Price Target Changed • Jul 23
Price target increased by 11% to US$53.25 Up from US$48.00, the current price target is an average from 2 analysts. New target price is 8.8% above last closing price of US$48.93. Stock is up 20% over the past year. The company is forecast to post earnings per share of US$4.83 for next year compared to US$5.28 last year. Upcoming Dividend • Jun 10
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 17 June 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (4.8%). In line with average of industry peers (3.0%). Declared Dividend • May 24
First quarter dividend of US$0.31 announced Dividend of US$0.31 is the same as last year. Ex-date: 17th June 2024 Payment date: 1st July 2024 Dividend yield will be 2.8%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 1.3% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 23
Chemung Financial Corporation Approves Quarterly Cash Dividend, Payable on July 1, 2024 Chemung Financial Corporation announced that its board of directors has approved a quarterly cash dividend of $0.31 per share, payable on July 1, 2024, to common stock shareholders of record as of the close of business on June 17, 2024. Reported Earnings • May 09
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: US$1.48 (down from US$1.54 in 1Q 2023). Revenue: US$25.8m (up 2.8% from 1Q 2023). Net income: US$7.05m (down 3.0% from 1Q 2023). Profit margin: 27% (down from 29% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 42%. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Announcement • Apr 26
Chemung Financial Corporation, Annual General Meeting, Jun 04, 2024 Chemung Financial Corporation, Annual General Meeting, Jun 04, 2024, at 14:00 US Eastern Standard Time. Location: One Chemung Canal Plaza, New York United States Agenda: To consider election of Directors; to approve on a non-binding advisory basis, the compensation of the Named Executive Officers of the Corporation; to vote, on a non-binding advisory basis, on the frequency of the Say-On-Pay vote; and to ratify the appointment of Crowe LLP as the Corporation's independent registered public accounting firm for the fiscal year ending December 31, 2024. Reported Earnings • Apr 19
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: US$1.48 (down from US$1.54 in 1Q 2023). Revenue: US$25.8m (up 2.8% from 1Q 2023). Net income: US$7.05m (down 3.0% from 1Q 2023). Profit margin: 27% (down from 29% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 42%. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Mar 14
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$5.28 (down from US$6.13 in FY 2022). Revenue: US$95.7m (flat on FY 2022). Net income: US$25.0m (down 13% from FY 2022). Profit margin: 26% (down from 30% in FY 2022). Net interest margin (NIM): 2.85% (down from 3.05% in FY 2022). Cost-to-income ratio: 66.2% (up from 61.7% in FY 2022). Non-performing loans: 0.53% (up from 0.45% in FY 2022). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 3.6%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 08
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 15 March 2024. Payment date: 01 April 2024. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (4.7%). In line with average of industry peers (3.0%). Declared Dividend • Feb 25
Fourth quarter dividend of US$0.31 announced Dividend of US$0.31 is the same as last year. Ex-date: 15th March 2024 Payment date: 1st April 2024 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (23% payout ratio) and is expected to be well covered in 3 years' time (23% forecast payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 2.0% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 22
Chemung Financial Corporation Approves Quarterly Cash Dividend, Payable on April 1, 2024 Chemung Financial Corporation announced that its Board of Directors has approved a quarterly cash dividend of $0.31 per share, payable on April 1, 2024, to common stock shareholders of record as of the close of business on March 18, 2024. Reported Earnings • Jan 26
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$5.28 (down from US$6.13 in FY 2022). Revenue: US$95.7m (flat on FY 2022). Net income: US$25.0m (down 13% from FY 2022). Profit margin: 26% (down from 30% in FY 2022). Cost-to-income ratio: 66.2% (up from 61.7% in FY 2022). Non-performing loans: 0.53% (up from 0.45% in FY 2022). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 3.6%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 10
Price target increased by 11% to US$48.00 Up from US$43.33, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$48.20. Stock is up 2.6% over the past year. The company is forecast to post earnings per share of US$5.48 for next year compared to US$6.13 last year. Upcoming Dividend • Dec 11
Upcoming dividend of US$0.31 per share at 2.6% yield Eligible shareholders must have bought the stock before 18 December 2023. Payment date: 02 January 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (3.4%). Announcement • Nov 17
Chemung Financial Corporation Approves Quarterly Cash Dividend, Payable on January 2, 2024 Chemung Financial Corporation announced that its Board of Directors has approved a quarterly cash dividend of $0.31 per share, payable on January 2, 2024 to common stock shareholders of record as of the close of business on December 19, 2023. Reported Earnings • Oct 25
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: US$1.62 (up from US$1.38 in 3Q 2022). Revenue: US$25.4m (up 11% from 3Q 2022). Net income: US$7.65m (up 19% from 3Q 2022). Profit margin: 30% (up from 28% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) also surpassed analyst estimates by 42%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Oct 25
Chemung Financial Corporation Reports Net Charge Offs for the Third Quarter Ended September 30, 2023 Chemung Financial Corporation reported net charge offs for the third quarter ended September 30, 2023. For the quarter, the company reported net charge offs $357,000 compared to $109,000 a year ago. Upcoming Dividend • Sep 08
Upcoming dividend of US$0.31 per share at 3.2% yield Eligible shareholders must have bought the stock before 15 September 2023. Payment date: 02 October 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.9%). Lower than average of industry peers (3.7%). Announcement • Aug 17
Chemung Financial Corporation Announces Quarterly Cash Dividend, Payable on October 2, 2023 Chemung Financial Corporation announced that its Board of Directors has approved a quarterly cash dividend of $0.31 per share, payable on October 2, 2023 to common stock shareholders of record as of the close of business on September 18, 2023. Announcement • Jul 23
Chemung Financial Corporation Announces net Charge Off for the Three Months Ended June 30, 2023 Chemung Financial Corporation announced net charge off for the three months ended June 30, 2023. For the period, the company announced the Net charge-offs of $145,000. Reported Earnings • Jul 21
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: US$1.33 (down from US$1.71 in 2Q 2022). Revenue: US$23.8m (down 3.6% from 2Q 2022). Net income: US$6.28m (down 22% from 2Q 2022). Profit margin: 26% (down from 33% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.9%. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • Jun 09
Upcoming dividend of US$0.31 per share at 3.2% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 03 July 2023. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.9%). In line with average of industry peers (3.5%). Announcement • May 19
Chemung Financial Corporation Approves Quarterly Cash Dividend, Payable on July 3, 2023 Chemung Financial Corporation announced that its board of directors has approved a quarterly cash dividend of $0.31 per share, payable on July 3, 2023 to common stock shareholders of record as of the close of business on June 20, 2023. Recent Insider Transactions • May 12
Insider recently bought US$97k worth of stock On the 11th of May, Loren Cole bought around 3k shares on-market at roughly US$34.77 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$292k more in shares than they bought in the last 12 months. Price Target Changed • Apr 25
Price target decreased by 8.6% to US$46.00 Down from US$50.33, the current price target is an average from 3 analysts. New target price is 14% above last closing price of US$40.29. Stock is down 14% over the past year. The company is forecast to post earnings per share of US$5.38 for next year compared to US$6.13 last year. Reported Earnings • Mar 24
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$6.13 (up from US$5.64 in FY 2021). Revenue: US$96.2m (up 7.5% from FY 2021). Net income: US$28.8m (up 8.9% from FY 2021). Profit margin: 30% (in line with FY 2021). Net interest margin (NIM): 3.05% (up from 2.84% in FY 2021). Cost-to-income ratio: 61.7% (no change from 61.7% in FY 2021). Non-performing loans: 0.45% (down from 0.53% in FY 2021). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 1.5%. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 10
Upcoming dividend of US$0.31 per share at 2.5% yield Eligible shareholders must have bought the stock before 17 March 2023. Payment date: 03 April 2023. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (3.2%). Announcement • Feb 16
Chemung Financial Corporation Announces Quarterly Dividend, Payable on April 3, 2023 Chemung Financial Corporation announced that its Board of Directors has approved a quarterly cash dividend of $0.31 per share, payable on April 3, 2023 to common stock shareholders of record as of the close of business on March 20, 2023. Recent Insider Transactions • Feb 07
Independent Director recently sold US$52k worth of stock On the 6th of February, Thomas Tyrrell sold around 1k shares on-market at roughly US$52.41 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$429k more than they bought in the last 12 months. Price Target Changed • Feb 06
Price target increased by 9.6% to US$53.33 Up from US$48.67, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$52.64. Stock is up 15% over the past year. The company is forecast to post earnings per share of US$5.71 for next year compared to US$6.13 last year.