Chemung Financial Corporation raises quarterly dividend by 3.2%, now $0.32 per share, payable April 1, 2025.
Quiver AI Summary
Chemung Financial Corporation has announced a dividend increase of $0.01 per share, raising the quarterly dividend to $0.32, which will be payable on April 1, 2025, to shareholders recorded by March 18, 2025. This increase reflects a 3.2% rise and is attributed to the company's strong financial performance, according to President and CEO Anders M. Tomson. Headquartered in Elmira, New York, Chemung Financial Corporation is a $2.8 billion financial services holding company that operates 30 offices through its subsidiary, Chemung Canal Trust Company, the oldest locally-owned community bank in New York State. The corporation also includes CFS Group, Inc., which offers a range of financial services.
Potential Positives
- Approval of a dividend increase of $0.01 per share, reflecting strong financial performance and commitment to rewarding shareholders.
- The announced dividend of $0.32 per share represents a 3.2% increase, indicating positive growth and financial stability of the company.
- Demonstrates the company's ongoing financial health, which may attract more investors and bolster shareholder confidence.
Potential Negatives
- The dividend increase of only $0.01 per share, while positive, may be perceived as modest and could indicate limited growth potential for the company.
- The press release does not provide detailed financial performance metrics, which could lead to uncertainty regarding the sustainability of the dividend increase.
- There is no mention of plans for future growth or investment, potentially raising concerns about the company's long-term strategy.
FAQ
What is the new dividend amount announced by Chemung Financial Corporation?
Chemung Financial Corporation has approved a quarterly cash dividend of $0.32 per share.
When will the dividend be paid to shareholders?
The dividend will be payable on April 1, 2025.
What is the record date for the dividend payment?
The record date for the dividend payment is March 18, 2025.
What percentage increase does this dividend represent?
This represents a 3.2% increase in the dividend.
Who is the President and CEO of Chemung Financial Corporation?
The President and CEO of Chemung Financial Corporation is Anders M. Tomson.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CHMG Insider Trading Activity
$CHMG insiders have traded $CHMG stock on the open market 2 times in the past 6 months. Of those trades, 1 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $CHMG stock by insiders over the last 6 months:
- LOREN D COLE (EVP & CIO) sold 1,000 shares for an estimated $51,210
- JOSEPH F IV MEADE purchased 592 shares for an estimated $28,019
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CHMG Hedge Fund Activity
We have seen 46 institutional investors add shares of $CHMG stock to their portfolio, and 24 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- FOURTHSTONE LLC removed 154,269 shares (-49.3%) from their portfolio in Q4 2024, for an estimated $7,529,869
- PL CAPITAL ADVISORS, LLC added 96,253 shares (+inf%) to their portfolio in Q4 2024, for an estimated $4,698,108
- BASSWOOD CAPITAL MANAGEMENT, L.L.C. added 37,921 shares (+inf%) to their portfolio in Q4 2024, for an estimated $1,850,924
- GOLDMAN SACHS GROUP INC added 31,824 shares (+292.9%) to their portfolio in Q4 2024, for an estimated $1,553,329
- ACADIAN ASSET MANAGEMENT LLC added 25,719 shares (+58.0%) to their portfolio in Q4 2024, for an estimated $1,255,344
- CHEMUNG CANAL TRUST CO removed 17,505 shares (-5.2%) from their portfolio in Q4 2024, for an estimated $854,419
- MODERN WEALTH MANAGEMENT, LLC removed 15,209 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $742,351
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
ELMIRA, N.Y., Feb. 19, 2025 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (Nasdaq: CHMG) announced today 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%.
“As a result of our Corporation’s strong financial performance, we are pleased to reward our shareholders with an increase to the quarterly dividend,” stated Anders M. Tomson, President and CEO of Chemung Financial Corporation.
Chemung Financial Corporation is a $2.8 billion financial services holding company headquartered in Elmira, New York and operates 30 offices through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with full 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.
This press release may be found at www.chemungcanal.com
Category: Financial
Source: Chemung Financial Corp
Contact:
Scott T. Heffner
Senior Vice President, Director of Marketing
(607) 737-3706
[email protected]
