Chemung Financial Corporation announces a quarterly dividend of $0.31 per share, payable January 2, 2025.
Quiver AI Summary
Chemung Financial Corporation has announced a quarterly cash dividend of $0.31 per share, set to be paid on January 2, 2025, to shareholders recorded as of December 19, 2024. Headquartered in Elmira, New York, and with assets of $2.8 billion, the company operates 31 locations through its primary subsidiary, Chemung Canal Trust Company, which is New York's oldest local community bank. Additionally, Chemung Financial is the parent company of CFS Group, Inc., which provides a range of financial services beyond traditional banking.
Potential Positives
- The approval of a quarterly cash dividend of $0.31 per share signals strong financial performance and a commitment to returning value to shareholders.
- Having a dividend payable on January 2, 2025, reflects the company's stability and offers shareholders a timeline for financial planning.
- Chemung Financial Corporation's long-standing history since 1833 highlights its established reputation and trustworthiness in the community banking sector.
- The diversified services provided by Chemung Financial Corporation through its subsidiaries indicate growth potential and resilience in different financial markets.
Potential Negatives
- The announcement of a quarterly cash dividend may indicate that the company is struggling to reinvest profits back into growth, which could affect long-term shareholder value.
- The timing of the dividend payment suggests that the company may be managing cash flow conservatively, potentially signaling concerns about future financial stability or profitability.
FAQ
What is the quarterly dividend announced by Chemung Financial Corporation?
Chemung Financial Corporation has announced a quarterly cash dividend of $0.31 per share.
When will the dividend be paid to shareholders?
The dividend will be paid on January 2, 2025, to shareholders of record as of December 19, 2024.
What is Chemung Financial Corporation's primary business?
Chemung Financial Corporation is a financial services holding company and operates a community bank, Chemung Canal Trust Company.
How long has Chemung Canal Trust Company been in operation?
Chemung Canal Trust Company has been established since 1833, making it the oldest locally-owned community bank in New York State.
What non-traditional services does CFS Group, Inc. offer?
CFS Group, Inc. offers services such as mutual funds, annuities, brokerage services, tax preparation, and insurance.
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 4 times in the past 6 months. Of those trades, 2 have been purchases and 2 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.
- G. THOMAS JR. TRANTER purchased 500 shares.
- THOMAS W WIRTH (Executive Vice President) sold 764 shares.
- DANIEL D FARIELLO (President, Capital Bank Div.) purchased 151 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CHMG Hedge Fund Activity
We have seen 35 institutional investors add shares of $CHMG stock to their portfolio, and 23 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- FOURTHSTONE LLC removed 133,524 shares (-29.9%) from their portfolio in Q3 2024
- BLACKROCK, INC. added 26,676 shares (+12.0%) to their portfolio in Q3 2024
- ACADIAN ASSET MANAGEMENT LLC added 17,226 shares (+63.5%) to their portfolio in Q3 2024
- CITADEL ADVISORS LLC added 13,174 shares (+inf%) to their portfolio in Q3 2024
- DIMENSIONAL FUND ADVISORS LP added 12,845 shares (+9.7%) to their portfolio in Q3 2024
- VALICENTI ADVISORY SERVICES INC removed 8,830 shares (-100.0%) from their portfolio in Q2 2024
- HSBC HOLDINGS PLC added 8,187 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
ELMIRA, N.Y., Nov. 19, 2024 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (Nasdaq: CHMG) announced today 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.
Chemung Financial Corporation is a $2.8 billion financial services holding company headquartered in Elmira, New York and operates 31 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
Category: Financial
Source: Chemung Financial Corp
Contact:
Scott T. Heffner
Senior Vice President, Director of Marketing
(607) 737-3706
Stheffner@chemungcanal.com
