Chemung Financial Corporation (NASDAQ:CHMG) stock identified change of 58.39% away from 52-week low price and recently located move of -26.22% off 52-week high price. It has market worth of $157.78MM and dividend yield of 3.02%. CHMG stock has been recorded 14.01% away from 50 day moving average and 13.33% away from 200 day moving average. Moving closer, we can see that shares have been trading 12.60% off 20-day moving average.
On Oct. 19, 2020, Chemung Financial Corporation (NASDAQ:CHMG) the parent company of Chemung Canal Trust Company (the Bank), revealed net income of $5.7 million, or $1.19 per share, for the third quarter of 2020, compared to $2.0 million, or $0.40 per share, for the third quarter of 2019.
We are pleased to report another strong quarter with third quarter earnings of $1.19 per share, according to Anders M. Tomson, President and CEO of Chemung Financial Corporation. Third quarter results included a 4.8% increase in net interest income and a 1.2% reduction in non-interest expenses, when compared to the third quarter of last year. Our efficiency ratio continued to improve throughout the year as did our non-interest expense to average assets ratio reinforcing our continued focus on expense management. We have remained committed to supporting our clients as they navigate these uncertain times, pivoting to assist as they begin the SBA’s loan forgiveness application process. As we look toward the end of this unique and unprecedented year for our country and our communities, we are secure in the knowledge that our company is well-positioned from a capital and liquidity perspective to provide the necessary stability to our customers and communities as they work toward renewal and recovery, Tomson added.
Third Quarter Highlights1:
Third quarter earnings per share grew to $1.19 per share as of September 30, 2020 versus $0.40 as of September 30, 2019
Total shareholders’ equity increased $14.4 million, or 7.87% from December 31, 2019
Tangible book value per share increased from $32.74 to $36.83, or 12.49% from December 31, 20192
Loans, net of deferred fees, increased $229.3 million, including $189.8 million of Payroll Protection Program (PPP) loans, or 17.51% from December 31, 2019
As of September 30, 2020, a total of 184,360 shares of common stock have been repurchased at a weighted average cost of $27.57 per share since the inception of the Corporation’s share repurchase program
The Financial sector company, Chemung Financial Corporation noticed change of -1.54% to $34.45 along volume of 8223 shares in recent session compared to an average volume of 7.07K. The stock observed return of 3.45% in 5 days trading activity. The stock was at 13.92% over one month performance. CHMG’s shares are at 26.24% for the quarter and driving a -21.29% return over the course of the past year and is now at -18.94% since this point in 2018.
The average volatility for the week at 4.11% and for month was at 3.88%. There are 4.85M shares outstanding and 3.81M shares are floated in market. Right now the stock beta is 0.2.