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ELMIRA, N.Y. - Chemung Financial Corporation (NASDAQ:CHMG) announced a dividend increase for its shareholders today, reflecting a boost in its quarterly cash dividend to $0.32 per share, which is scheduled for payment on April 1, 2025. Shareholders on record by March 18, 2025, will be eligible for the increased dividend, marking a 3.2% rise from the previous payout. The company has maintained dividend payments for 51 consecutive years, with a current yield of 2.4%. InvestingPro analysis reveals several more insights about the company’s dividend sustainability.
The increment comes as a result of the company’s robust financial performance, according to Anders M. Tomson, President and CEO of Chemung Financial Corporation. "As a result of our Corporation’s strong financial performance, we are pleased to reward our shareholders with an increase to the quarterly dividend," Tomson stated.
Chemung Financial Corporation, with a history dating back to 1833, is the oldest locally-owned and managed community bank in New York State. With a market capitalization of $244.26 million, the company boasts $2.8 billion in assets and operates 30 offices through its principal subsidiary, Chemung Canal Trust Company. The bank offers a full range of services including trust powers, while the corporation’s subsidiary, CFS Group, Inc., provides non-traditional financial services such as mutual funds, annuities, brokerage services, tax preparation, and insurance.
This move to increase the dividend underscores the financial institution’s commitment to delivering value to its shareholders and reflects the company’s current financial health. The information provided in this article is based on a press release statement from Chemung Financial Corporation.
In other recent news, Chemung Financial Corp has announced the consolidation of its Clarence branch into the Williamsville location in New York. This move was made effective after receiving approvals from the New York State Department of Financial Services and the Federal Reserve Bank of New York. The Clarence branch, previously located at 9159 Main Street, will now operate as an administrative office while its services are merged with the Williamsville branch at 5529 Main Street. This strategic decision is part of Chemung Financial’s efforts to streamline operations and optimize its branch network. The consolidation was disclosed in a Form 8-K filed with the Securities and Exchange Commission, emphasizing the company’s commitment to transparency in its corporate activities. This development reflects Chemung Financial’s broader operational adjustments. The company’s common stock is listed on the Nasdaq Stock Market.
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