Overview

* Chemung Financial ( CHMG ) Q3 net income rises to $7.79 mln

* Pretax profit for Q3 exceeds analyst estimates

* Company announces dividend increase, reflecting confidence in future performance

Outlook

* Company did not provide specific financial guidance for future quarters or full year in the press release.

Result Drivers

* BALANCE SHEET REPOSITIONING - Strategic efforts led to a 9% increase in net interest income, enhancing earnings and enabling investment in quality loan opportunities

* COMMERCIAL LOAN GROWTH - Significant increase in commercial loans, especially in real estate, boosted interest income

* INTEREST EXPENSE REDUCTION - Decrease in interest expense on deposits and borrowed funds contributed to improved net interest margin

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Net Beat $7.79 $7.74

Income mln mln (2

Analysts

)

Q3 Net $22.68

Interest mln

Income

Q3 Beat $10.06 $9.48

Pretax mln mln (2

Profit Analysts

)

Q3 Basic $1.62

EPS

Q3 $1.06

Provisio mln

n For

Credit

losses

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for Chemung Financial Corp ( CHMG ) is $60.00, about 14.8% above its October 20 closing price of $51.11

* The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)